Revaluation FAQ
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. A revaluation does not include personal property such as automobiles and boats whose values are adjusted on an annual basis.
Why have a Revaluation?
North Carolina General Statutes require counties to reappraise all real property at least every 8 years to reflect current market value. The last Revaluation in Beaufort County occurred in 2018. Market value is defined as the price estimated in terms of money at which property would change hands between a willing and financially able buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of all uses to which the property is adapted and for which it is capable of being used.
What is the purpose of Revaluation?
The purpose of a Revaluation is not to raise or lower the tax assessments or tax base of a county. The main purpose of a Revaluation is to establish fairness and equity among all property owners and all property types.
How will the Revaluation be performed?
As part of the Revaluation process, appraisers delineate areas into market areas, also known as neighborhoods. The appraisers review properties and market information including recent sales within these neighborhoods to determine what similar properties are selling for. Appraisers then used a Uniform Schedule of Values to evaluate properties using the same standards to maintain fairness and equity.
Who is conducting the Revaluation?
For the 2025 Revaluation, the county has contracted with Vincent Valuations . Vincent Valuations is a North Carolina Appraisal company with a sizable list of counties they have worked with to provide Revaluation Services. The staff of Vincent Valuations, as well as county staff, will begin measuring property throughout the county, beginning in July of 2022 in an effort to correct any listing errors or update any changes since the last revaluation.
When will the Revaluation become effective?
The Revaluation will become effective on January 1, 2025. Property owners will be notified of their newly assessed values shortly after that date.
How will my property value change?
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. Due to the strong real estate market throughout the country, it is likely that many properties will rise in value, but again, this could differ per area and type of property.
How will this affect my tax bill?
The Revaluation determines the tax value of your property. The tax rate is determined by the Board of Commissioners and the various town boards. The tax rate is typically set in June of each year. A tax bill is determined by multiplying the tax value by the tax rate.
How can I determine if my new value is correct?
You can review recent arms-length sales in your neighborhood of properties similar to yours. The county Assessor's Office is working to provide a public option to view sales and hope to have this go live on this website before the revaluation date.
What if I disagree with my property value?
If you wish to prove that your value is different from the amount stated on the notice, instructions to appeal will be on the notice. Additionally, we will have information and appeal forms up on the Assessor's website as we approach the revaluation date.
After I receive my Notice of Assessed Value, how can I compare my new value to my old value?
Your parcel's old value can be found on its 2018 tax card which the Tax Office will continue to keep up for a while after the 2025 Revaluation.
Additional Questions about the Revaluation?
Please contact our office at 252-946-7981 or Revalemail@beaufortcountync.gov