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No details yet as 2023 Rowan County property revaluation begins to take shape
Published at 12:10 am on Sunday, October 23, 2022
brad downz
brad.dountz@salisburypost.com
SALISBURY — Rowan County Tax Assessor Wendell “Chip” Main presented the county commissioner with the county’s plans for the 2023 reassessment on Monday night.
Rowan County revalues properties every four years instead of the standard eight years to reduce the impact of changes in valuation on property owners. It is seen more as a legitimate route to the next step in revaluation, with no specific figures provided to determine resale value and tax rate changes within the county.
“From talking to other evaluators in this area, we know that there are regions where the values are changing by 5-10% year-on-year. You see it, but it’s not county wide,” Main said.
Maine said the county monitors sales of all properties in the county to determine changes in resale value. They use the information they receive from the property deed to find value.
“Since 2019, we have had about 16,000 sales and we review them as they occur. Very soon, that information will be electronically transferred so that we can update our tax records,” said Main.
As interest rates rise, the real estate market becomes more volatile and some homes may not sell for the price they were originally paid for. It just means the county will adapt to the next change.
“The county is required to conduct a reassessment for 2023 and is stuck in dealing with changes in the real estate market, but if changes continue and things get worse, we will soon have another reassessment. We can make adjustments as needed, the earliest being two years from now in 2023,” said Main.
Once the county commissioner receives the property’s new value, it will be able to set the tax rate in June 2023. If you receive an evaluation and wish to appeal it, you may contact the county informally by following the instructions on the form. Appeal process. If they are not happy with the decision, they have another option to appeal to the review board. If you want to appeal again, you can go to Raleigh’s Property Tax Board.
Maine said the county should complete the reassessment by early next year. Notices to citizens will be mailed in February.
Price lists, standards, and regulations describe policies and procedures for valuing real estate at market value.
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