Why is the Assessor Using 2007 Market Value on Appeal Notification Letters When Property Values are Declining?
A. Originally scheduled for 2008, the one-year delay in reappraisal implementation does not change the effective date of market value as state law requires that property valuations be completed at the end of December of the fourth year of the scheduled five year reappraisal cycle. This pinpoints the market value date to be December 31, 2007. Exceptions to the December 31, 2007 date are property sales, wherein market value is determined as of the end of December of the sale year. For example, sales in calendar year 2009 will be valued as of December 31, 2009. Again, this is in accordance with state law (Act 388). Our employees are well aware what has occurred to market values in Beaufort County in 2008, 2009 and 2010. The unprecedented decline in value contradicts what was typical in past reassessment years when property values increased substantially and the assessor’s value stayed the same until the next scheduled reassessment. In the past, static property tax appraisals were the norm
