Rutherford County, NC, Western North Carolina, News,arrests, RC Catalyst, Judicial District 29A County Commissioners Address Property Revaluation – Foothills Catalyst

County Commissioners Address Property Revaluation

Rutherford County Commissioners
“We recognize that there is a LOT of misinformation going around on various social media platforms and out on the streets regarding the property revaluation. Be informed; know the facts.
Key Points:
• The new tax rate has not been set yet. This will occur during the budget process with the Commissioners approving the budget in June. It is predictable that the tax rate will drop significantly commensurate with the increase in values.
• We do not know what the revenue neutral rate is at this time. Revenue staff are currently working through the first phase of appeals via desk reviews and then passing on any appeals above that level to the Board of Equalization and Review. They are also finalizing business personal tax numbers as well. The revenue neutral rate will be presented as part of the Budget Message presented to the Commissioners at their May 1st meeting.
• There have been questions presented by property owners as to why the County chose to move to a four-year revaluation cycle. The County has actually been on a four-year cycle since around 2002 with a few extensions implemented over the past two decades. The last revaluations was extended due to the Revenue Department moving from an older software and database program to a newer one. It took approximately two years just to complete the data migration and coding modifications.
We are back on the four-year cycle now. Most counties have moved to a four-year cycle at the recommendation of the NC Department of Revenue as four-year cycles ensure that property appraisals are more aligned with current market values. However, the substantial increase in property values we are seeing in Rutherford County is unprecedented and is market driven based on a culmination of comparable sales of homes and properties in the County and a lack of real estate options.
We are seeing this in other Counties as well that are going through the revaluation process right now (Ashe – 43.5% increase, Catawba County – 69%, Iredell County – 42%, Macon – 57%).”