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Properties are valued based on a mass appraisal system which groups similar properties together based on their location, replacement cost, type of construction, age and other factors. For commercial properties, the value may be based on net operating income.
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North Carolina General Statute 105-286 requires all North Carolina Counties to conduct a reappraisal/revaluation of all real property at least every 8 years. Haywood County is on a 4 year reappraisal cycle. An eight year cycle can create more opportunity for inequities to grow and can lead to much larger and unpredictable changes to property values. As inequities increase, the tax burden on individual property owners becomes un-balanced. A reappraisal resets the values to reflect true market value to ensure all property owners are paying their fair share.
The price estimated in terms of money at which the property would change hands between a willing and financially able buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of all the uses to which the property is adapted and for which it is capable of being used.
Most likely your value will change. As most may already know, the real estate market in Haywood County has steadily increased over the last few years. As North Carolina General Statues require all North Carolina Counties to reappraise all real estate to full market value based on current market conditions.
Appraisal and taxation are separate issues. Sales, along with other factors determine market value but the county tax rate has no impact on the valuation process. Each taxing jurisdiction – the County Commissioners, Municipalities, etc. establishes its own tax rate. The final tax bill cannot be determined until these rates are set.
You will receive a Notice of Real Estate Value by mail. These notices will go out sometime between February and April 2021.
Haywood County has implemented an Electronic Appeal Process that can be used during this reappraisal. Information and instructions will be included on the new value notice. As with previous reappraisals, the option of mailing your appeal will still be available. Depending on the COVID situation at the time the notices are mailed out, neither of these options would require personal contact to file a valid appeal.
The first step in the appeal process is an informal appeal which you may make an appointment with to come in and talk to your Appraiser. An appeal can result in the value being unchanged, increased or decreased. The next step in the appeal process is a formal appeal to the Board of Equalization and Review. The Board of Equalization and Review will meet as needed to hear all appeals. An appeal from the Board of Equalization and Review goes to the North Carolina Property Tax Commission which is held in Raleigh. Appeals from the Property Tax Commission go through the North Carolina Court of Appeals and the Supreme Court.
Appeals must be filed within 30 days of the notice date.