Published: October 2024
Your Guide to End-of-Year Tax
Reassessment
Welcome to Triangle Appraisal Group’s (TAG’s) comprehensive guide on end-of-year property tax reassessment. As fellow North Carolina homeowners, we understand the importance of navigating the world of property taxes.
In this article, we’re excited to share our insights and expertise to help you confidently handle end- of-year tax reassessment; ensuring you’re well- equipped to navigate potential changes in your property’s value.
Let’s explore the key aspects of this process together and empower you to make informed financial decisions.
Overview of Tax Reassessment
Tax reassessment, meaning a fundamental procedure that ensures property taxes remain aligned with the current market conditions, involves reevaluating your property’s value to accurately reflect its worth in the present market. From upgraded kitchens to growing neighborhoods, these adjustments keep your property taxes fair and reflective of today’s market.
You may ask, “When does my tax reassessment occur?”…Great question! Property tax reassessments are done on a county by county basis. Each North Carolina county is on a different yearly cycle, but typically, reassessments are done every 4-8 years. For more specific details, visit the North Carolina Department of Revenue’s website to check the year your area will be administering their revaluation.
Got some more questions? We figured, let’s dive a little deeper into the in’s and out’s of the tax reassessment process:
When Does The Property Tax Year Start And End?
As the holiday season approaches, so does the end of the tax year. In North Carolina, the end of the tax year aligns with the calendar year, concluding on December 31st. Based on your county’s tax reassessment year, (remember, every county is different!) December- January is typically when local tax authorities examine your property’s tax rates, ensuring that it’s up-to-date and accurate. Being aware of this timeline is crucial, as understanding when the end of the tax year occurs enables you to plan ahead effectively.
Peter Bimonte
Extremely flexible…On time, thorough and knowledgeable…I would recommend them for your next home appraisal without hesitation…5 Stars!
Peter Bimonte
Duwayne Evans
I can’t explain how thankful I am to have a such a wonderful appraisal company at my fingertips. They’re very professional and have fast response times.
Duwayne Evans
Maurice Ellis
I’m very pleased with the way Triangle Appraisal Group conducted business me Kevin was very professional explaining the process and walking me through everything
GREAT JOB. THANKS
Maurice Ellis
D
In working Vicki and Amber, we were extremely pleased with not only how quickly our home + property appraisal was scheduled, but with how professionally the entire process was completed. And, it only took 2 business days for the appraisal to be created and sent to us.
I would highly recommend Triangle Appraisal Group to anyone seeking an experienced team for this service!
D
Stephanie Howard
From the minute, I called Triangle Appraisers to the day I received the appraisal report, I was extremely impressed! Vickie responded immediately to every question or request. This was the easiest most efficient transaction I have had with a business in years! I highly recommend this firm for any of your real estate needs!
Stephanie Howard
Alexandra Saywell-Wade
Triangle Apprasial Group was amazing to work with . They’re so knowledgeable of the housing Apprasial process, housing market. They are quick to reach out to you and have great customer service , punctual and give you a very Detailed report. I recommend them to anyone who needs an appraisal.
Alexandra Saywell-Wade
William Reid
This company was very prompt in answering my online request. Their evaluator was very respectful of our property. Very professional from start to end.
William Reid
Alyssa Baker
TAG has been so helpful and friendly ever step of the way. The appraiser was prompt and courteous. I would absolutely recommend!
Alyssa Baker
Deborah Jordan
They are professional putting the needs of customer first. Taking the time to listen, help you work through struggles. They also work in a timely manner. This is the best deal for meeting your needs. I am a valued customer.
Deborah Jordan
May Love
Outstanding appraisal experience. Expertise and timeliness exceeded expectations. Incredibly accommodating appraiser! Went the extra mile for my rent analysis as well. Impressive service. Thank you Matthew, Vicki and TAG!
May Love
What Happens at a Tax Reassessment?
Tax reassessment involves a comprehensive review of your property’s value by staff appraisers, typically hired by your county. These professionals consider factors such as recent property sales, upgrades, and the local real estate market. The goal is to determine an accurate market value, serving as the foundation for calculating your property taxes for the upcoming year. Gaining insight into this process empowers you to anticipate potential changes in your tax liability. We’re here to make sure you’re well-prepared for this annual check- up, helping you navigate any potential changes with ease.
Upon the completion of the property assessment, tax reassessment notices are sent out via mail. These notices don’t go to everyone, but rather, they are sent to property owners who will see a change in their amount of property taxes. So, check those mailboxes! You are likely to receive your notice within the first two weeks of January (of the year your county is reassessing).
Once you receive your tax reassessment notice, you have the opportunity to fight your new tax value by getting a trusted, reputable appraisal on your own and presenting it to your county tax administrators. That’s where we come in, TAG can equip you with the information and appraisal report needed to fight your property taxes.
Typically, residents have until April of their county’s reassessment year to fight their new tax value. We advise you to get ahead of the game and start the process once you receive your notice- the sooner, the better! If you choose to fight your reassessment, TAG us in and give us a call.
How Do You Calculate Tax Assessment?
Calculating your property’s value might sound complex, but we’re here to simplify it for you. Our dedicated team combines expertise with advanced technology to accurately evaluate your property’s value. By analyzing market data, property characteristics, and local trends, we ensure your tax assessment is reliable and fair.
Partnering with us means you can fight your tax reassessment with confidence, knowing your property’s value is in capable hands.
Key Takeaways
As you continue on your homeownership journey, staying informed about end-of-year tax reassessment is paramount. As North Carolina homeowners ourselves, we’re committed to ensuring your property’s value is accurately assessed. Knowledge is power, and armed with insights from Triangle Appraisal Group (TAG), you’re empowered to make confident financial decisions. Reach out to us today and embark on a path to a stronger financial future for your home.
Ready to ensure your property’s value is accurately assessed? Contact TAG today for trusted guidance and reliable insights
We’re eager to hear from you! If you have any questions, experiences, or insights about end-of-year tax reassessment, don’t hesitate to shoot us an email. Let’s continue this conversation and work together to build a more informed community of homeowners. Your input is valuable to us!
Read More:
FAQs
During reassessment, the county reevaluates the market value of your property to ensure it aligns with current market conditions. This process can lead to an increase or decrease in your property taxes, depending on changes in the market since the last assessment.
In North Carolina, property taxes are assessed based on the “ad valorem” principle, meaning according to value. Each property is given a market value assessment by the county, and the property tax is calculated by multiplying this assessed value by the tax rate set by local government authorities.
Property taxes in North Carolina are paid by property owners. These taxes fund crucial local services such as schools, public safety, and infrastructure. If the property is rented, the owner is responsible for the taxes, although they may factor these costs into the rental price.
In North Carolina, seniors do not automatically stop paying property taxes at any age. However, residents who are 65 years or older, or are totally and permanently disabled, may qualify for the Homestead Exemption, which reduces the amount of property taxes they are responsible for.
Property value in North Carolina is assessed through a process that considers several factors, including recent sales of comparable properties, improvements to the property, current economic conditions, and other relevant criteria. This assessment is conducted to ensure the tax burden is distributed fairly based on current market values.