2014 PASQUOTANK COUNTY REVALUATION
What is a Revaluation?
Revaluation is the reappraisal of value of each parcel of real estate including land, buildings and outbuildings that are located within the county.
Why have a Revaluation?
North Carolina General Statute 105.286 requires all counties to reappraise all real property at 100% of market value. Market value, as defined by North Carolina General Statutes, is the price estimated in terms of money at which the property would change hands between a willing and financially able buyer and a willing seller neither being under any compulsion to buy or sell.
What is the purpose of a Revaluation?
The purpose of the revaluation is to have each property carry its appropriate share of expenses to operate local government. Revaluations ensure that property owners bear a share of the total tax burden that is proportionate to the value of the taxable property they own.
When will the Revaluation become effective?
Pasquotank County’s last revaluation was January 1, 2006. The new revaluation process is being conducted by Pearson’s Appraisal Service and will be completed for implementation January 1, 2014.
Who is conducting the Revaluation?
The new revaluation process is being conducted by Pearson’s Appraisal Service.
How is it being performed?
Pearson’s Appraisal Service started the revaluation process in April 2012. They have communicated with real estate brokers, bankers, appraisers, city/county building inspectors, planning officials, and utility department staff gathering information. Recently they have been performing market analysis/sales studies.
Pearson’s Appraisal Service is currently taking digital pictures of all properties throughout the county and the city. The contractor is using two computerized mobile office SLIDR (Street Level Imaging and Property Data Review) vans. They have street level imaging equipment capable of producing high quality digital images which will allow Pearson’s appraisers the ability to access property record cards of each parcel within the county. Signage on the vans has been modified to increase taxpayer visibility with enlarged lettering as well as the Pasquotank County Tax Department’s telephone number. This task is projected to be completed during July 2013. Pearson’s Appraisal Service will then present a schedule of values for approval by the Pasquotank County Board of Commissioners.
A schedule of values is a manual that contains rules, values and rates to be used in appraising real property at its true value and at its present use value based on residential and commercial sales data, construction cost and income and expense formulas that pertain to commercial property within the county.
How will my property value change? How will I be notified?
Properties will not change uniformly throughout the county. Depending on market conditions and recent sales in your neighborhood, your assessed value may increase, decrease, or remain the same.
The Tax Assessor will notify taxpayers of their new property values. Notices will be mailed in September 2013. If a taxpayer has a concern with the property value, the taxpayer will have an opportunity to request an informal hearing with the county’s appraisal firm prior to the Board of Equalization and Review hearings.