Many North Carolina Counties Are Performing Revaluation
Commercial property revaluations are conducted by counties to determine the fair market value of your company’s real property. The ultimate goal is to ensure your business is paying its fair share of real estate property taxes. Revaluations take place every four to eight years, depending on the specific municipality. They generally use mass appraisal techniques to determine the updated value of real estate. In 2020, counties from the mountains to the coast and everywhere in between are performing revaluations.
It is not at all uncommon to find that you do not agree with the newly assessed value of your company’s real value. Wake County recently sent out revaluation notices with an average increase for commercial upwards of 33%. If you find you do not agree with the appraisal your property received, most counties allow 30 days to begin the appeal process, though some only allow 15 days. Wake County appeals are due on March 1, 2020.
Appealing your revaluation is much less stressful when you have the help of a team with expertise in real estate property tax. Sharon Lyall CPA has many years of experience with business property tax. We can help you through every step of the appeals process. When you receive your revaluation notice, contact us. We are here to help.