Fiscal Uncertainty and Recession Could Result in More Property Tax Appeals


The downtrodden real estate market could have a significant impact on the number of real estate tax appeals lodged by property owners in some North Carolina counties. Under state law, counties are required to conduct county-wide revaluations every eight years, although some counties may choose to revalue more frequently. For 2011, approximately 29 counties were scheduled to revalue real property as of January 1, 2011, including larger counties such as Mecklenburg, Johnston, New Hanover, Catawba and Brunswick.*

With property values declining, especially in coastal communities, local governments will be forced to either raise tax rates or get by with less revenue. As a result, and in an effort to maintain revenue levels, the new valuations assessed by counties may not fully take into account the significant impact the recession has had on property values. Accordingly, the new values assessed in 2011 could be significantly higher than the actual, true market value as of January 1, 2011 and could result in an increased number of tax appeals for 2011.

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