Why does the county revalue real estate property?
The main purpose is to ensure uniformity or equity of property taxes, not to increase property tax revenues. The state requires all counties to revalue property periodically so that taxpayers are paying their fair share, based on current market conditions. Without revaluation, some property owners would have to pay more taxes than they should over a long period of time, while others would not be paying enough to cover their fair share. Can’t the county take the current economic situation into consideration and adjust the new assessed values? North Carolina laws governing revaluation give counties limited authority to make adjustments in revaluation based on new economic factors. Through the appeal process, the Tax Office can make some adjustments, as long as they are consistent with the adopted Schedule of Values. What is the Schedule of Values? The Schedule of Values is a set of rules, standards, and values used in appraising all properties in Chatham County for the 2009 revaluation.
