Understanding Property Revaluation
Revaluation is the process of reappraising all properties within a county for tax assessment purposes. It is required by law at least once every eight years in North Carolina and once every five years in South Carolina. The process has two objectives: value properties at current market prices, and equitably distribute the cost of local government among the property owners.
Revenues used to fund schools, police, fire protection, libraries, parks and other public services are derived from the tax rate applied to the estimated market value of your property. Over time, the real estate market changes - up or down, depending on location and other factors. As time elapses, the assessed values of some properties are further from true market value. Such occurrences create inequities among assessments. In order for properties to be assessed equitably, reappraisals are needed to reflect the current fair market value of all properties.
A Realtor can help you understand property valuation and determine if your revaluation is equitable. A Realtor can also help you understand how your home's assessed value may impact a future sale.
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SOURCE: 1 - NC Dept. of Revenue list, 2 - Franklin County Tax Assessor, 3 - Granville County website, 4 -
Greenville County website, 5 - Lancaster County Tax Assessor, 6 - Oconee County website, 7 - Pickens County website,
8 - Spartanburg County website, 9 - York County website, 10 - Guilford County website
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Helpful Allen Tate Tools
If you are interested in receiving Market Report, a free monthly e-mail that summarizes for sale and sold properties in your neighborhood and market trends, click here.
If you would like to receive a free Comparative Market Analysis to help you understand the specific value of your home, click here to contact an Allen Tate Realtor who specializes in your neighborhood.
If you would like immediate information about sold properties in your neighborhood, interact with our exclusive TateMap
tool. Enter your address in the slide-out screen to the left and click the "star" button. All recent sales are represented
by gray pushpins. Simply hover over the push pin, then click "View Details" to see property data for each sold home.
Click here for TateMap.
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