Tax Revaluation 2024 - All You Need to Know & FAQ
A revaluation is the reappraisal process to update assessed real property value. As required by North Carolina General Statute 105-286 (a), revaluations of real property must be done at least once every eight years or sooner if required.
As outlined in the North Carolina General Statues, Madison County is conducting a 2024 property revaluation with the County Tax Assessor being required to use established market values, as directed by the State of North Carolina. Every property parcel in the county is undergoing the revaluation process. The goal of the revaluation is to appraise property at the current market value.
North Carolina defines market value as, “the price estimated in terms of money at which a property would change hands between a willing and financially able buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of all the uses to which the property is adapted and for which it is capable of being used.”
Property values are set by the real estate industry who buys and sells real estate in the open market. The county’s appraisers diligently and carefully research and analyze sales in our market to determine an estimate of market value for all properties.
The appraisers use available data and property types in various appraisal methods:
Sales Comparison Approach – Most commonly used and it compares similar properties, less any depreciation.
Cost Approach – determines how much it would cost to replace your property with a similar one, less any depreciation.
Income Approach – determines the value of income producing properties, such as apartments, based upon the amount of income the property generates.
The Madison County Tax office will mail revaluation notices of value to parcel owners through the USPS in mid-March 2024. The revaluation notice will contain specific details regarding when and who to contact to schedule an appeal, if warranted. If an appeal is requested by the property owner, the first step is to appeal to the County Tax Appraiser. If the appeal is unable to be resolved by the Tax Appraiser, an appeal to the County Board of Equalization and Review would be made. If the appeal is unable to be resolved by the Board of Equalization and Review, an appeal to the North Carolina Property Tax Commission could then be made.
A change in value can only be considered if the real property owner can provide appropriate documentation / evidence that the appraised value is substantially over or under market value.
Supported appeal justifications:
1) New value is significantly higher or lower than the actual fair market value
2) New value is inconsistent with the values of similar properties
Not supported appeal justifications:
1) Percentage increase or decrease from previous assessed value
2) Percentage increase or decrease as compared to any area’s average increase or decrease (county, region, area, neighborhood…etc.)
3) Your financial ability to pay any anticipated tax
An increase or decrease in value does not mean that you will pay more or less property taxes.
As outlined in the North Carolina General Statues, Madison County is conducting a 2024 property revaluation with the County Tax Assessor being required to use established market values, as directed by the State of North Carolina. Every property parcel in the county is undergoing the revaluation process. The goal of the revaluation is to appraise property at the current market value.
North Carolina defines market value as, “the price estimated in terms of money at which a property would change hands between a willing and financially able buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of all the uses to which the property is adapted and for which it is capable of being used.”
Property values are set by the real estate industry who buys and sells real estate in the open market. The county’s appraisers diligently and carefully research and analyze sales in our market to determine an estimate of market value for all properties.
The appraisers use available data and property types in various appraisal methods:
Sales Comparison Approach – Most commonly used and it compares similar properties, less any depreciation.
Cost Approach – determines how much it would cost to replace your property with a similar one, less any depreciation.
Income Approach – determines the value of income producing properties, such as apartments, based upon the amount of income the property generates.
The Madison County Tax office will mail revaluation notices of value to parcel owners through the USPS in mid-March 2024. The revaluation notice will contain specific details regarding when and who to contact to schedule an appeal, if warranted. If an appeal is requested by the property owner, the first step is to appeal to the County Tax Appraiser. If the appeal is unable to be resolved by the Tax Appraiser, an appeal to the County Board of Equalization and Review would be made. If the appeal is unable to be resolved by the Board of Equalization and Review, an appeal to the North Carolina Property Tax Commission could then be made.
A change in value can only be considered if the real property owner can provide appropriate documentation / evidence that the appraised value is substantially over or under market value.
Supported appeal justifications:
1) New value is significantly higher or lower than the actual fair market value
2) New value is inconsistent with the values of similar properties
Not supported appeal justifications:
1) Percentage increase or decrease from previous assessed value
2) Percentage increase or decrease as compared to any area’s average increase or decrease (county, region, area, neighborhood…etc.)
3) Your financial ability to pay any anticipated tax
An increase or decrease in value does not mean that you will pay more or less property taxes.
Q: Who do I contact for additional revaluation information?
A: 828-649-0765
Q: Can I appeal if I disagree with the appraisal?
A: Yes
Q: How do I schedule an appeal?
A: Follow the instructions on the notice of appeal received via USPS or visit the Madison County website at: www.madisoncountync.gov
Q: Who do I appeal to?
A: The Madison County Tax Assessor
Q: Who can I appeal to if the Tax Assessor is unable to resolve my appeal?
A: The Madison County Board of Equalization and Review
Q: Who can I appeal to if the Board of Equalization and Review is unable to resolve my appeal?
A: The North Carolina Property Tax Commission
Q: What if I have additional questions?
A: Submit any additional questions via email to [email protected]