RANDOLPH COUNTY — The Randolph County Board of Commissioners received a report on its reappraisal schedule, as the state continues to urge counties to move to shorter revaluation cycles.
Debra Hill, the county’s tax assessor, offered her input on favoring consideration of a revised schedule of values for Randolph County property tax revaluation, the process by which the county ascertains tax values of property owned by its residents. Currently, Randolph is on a six-year cycle, but county officials see potential benefits from moving it to four years.
The ability to capture change in the market in a more timely manner, while also creating some uniformity in the county’s property, are among the reasons officials are considering the switch. Commercial properties have seen a negative impact from the pandemic, in spite of the boon residential properties have experienced.
“COVID has not just affected Randolph County, but the world,” Hill said. “We cannot adjust for those changes in a non-reappraisal year. We would like to be able to advance it so we can take a look at the changes that are happening.”
North Carolina Department of Revenue has strongly encouraged local governments to adjust revaluations to four-year cycles. Statewide, there are 36 counties on a four-year cycle, 11 counties on a five-year cycle, six counties on a six-year cycle and 47 counties on an eight-year cycle.
Officials in neighboring Davidson County voted last year to change property tax reval from every eight to every six years.
“There’s a lot of reasons why I think this makes sense to do,” Commissioner Maxton McDowell said. “I think you’ll find more and more counties, with housing and real estate costs going up, I think you’re going to find a lot of counties moving from an 8 to a 6 and a 6 to a 4.”
For property tax purposes, each county in North Carolina is required to revalue all real property within its jurisdiction at least once every eight years. Revaluations are staggered so that not all counties are doing it the same year. Appeals can be made in non-revaluation years, but successful appeals are not retroactive, so optimal returns are on those appeals filed during a revaluation year.
Staff writer Daniel Kennedy can be reached at 336-888-3578, or at firstname.lastname@example.org.