Property owners in Cabarrus County will begin receiving property revaluation notices in the mail next week. For the first time in known Cabarrus County history, the majority of property values have decreased. On average, single family homes will see a reduction in value by approximately 13 percent.
Every four years, Cabarrus County reviews property values based on market values and economic conditions to bring assessed values in line with the worth of the property as of January 1 of the revaluation year. The revaluation process brings equity among property values and ensures the value of any given property is consistent with a neighboring property.
County real estate appraisers review properties by analyzing data, aerial images and field review of properties to estimate fair market value – or the price a willing seller may receive from a willing buyer. In cases where improvements have been made or other changes have occurred to the property, appraisers may visit the property in person to evaluate the property’s features.
The new property values are effective January 1, 2012 and will be reflected on tax bills to be mailed in July 2012. At this time, it is not possible to know the impact on the tax rate. Elected officials must decide whether to raise, decrease or keep the property tax rate the same for the upcoming fiscal year. The answer will not be determined until operating budgets are set and local governments set tax rates. These tax rates must be voted on and set by June 30, 2012.
There are three factors that determine how much property tax each owner will pay:
1. The assessed value of the property
2. The cost of services by local government
3. The tax rate set by the Board of County Commissioners and municipal boards.
Some properties have increased in value, some have decreased, and some have not changed. The tax bill for each property will depend on the combination of the new tax rate and the new value.
Property owners are encouraged to participate in the budgeting and tax rate process by attending public meetings and addressing local elected officials. Residents also can review meeting agendas and minutes and view videos of Cabarrus County Board of Commissioners meetings by visiting www.cabarruscounty.us. For more details about revaluation, visit www.cabarruscounty.us/revaluation.