Revaluation is the process that matches your tax value with what your real property is worth on the open market at the time of the revaluation. It covers all residential and commercial land and structures, such as homes, apartments, condos, stores, office buildings and warehouses. It does not include what is known as personal property, such as cars, boats and airplanes. The values for these are adjusted annually.
State law requires all counties in North Carolina to reappraise property once every eight years. The last revaluation of Cherokee County became effective January 1st 2012.
Property is appraised at fair market value, which is the most probable price a property would bring in a competitive and open market. Property values for revaluations are determined by comparing sale prices for similar properties, what it would cost to replace your property, the potential income of the property and many other factors.
An appraisal provides a basis for determining a property owner's share of the taxes that support schools, roads, parks, public health programs, libraries, police and fire protection. The amount you pay depends on both your property value and the tax rates set each year by the elected officials.
Purpose of Readjustment
This readjustment in values makes the county's tax system more fair and equitable, because the values are based on what the property is worth on the open market. This ensures that all property owners are paying their fair share of the tax burden.
Properties are usually grouped together based on them having similar characteristics and react to the market in similar ways. The most typical example would be a subdivision with homes of similar age, style and construction, and also have lots selling for comparable prices.