About Revaluation 2023

What is the 2023 Revaluation?

A Revaluation is a mass appraisal process that is used to reappraise all real estate to its current market value as of January 01st of the Revaluation year.

Why Is a Revaluation Important?

Because real estate values change independently and at different rates that can create inequities in the tax base, the Revaluation is critical in assuring that all properties are appraised at their current fair market value. The Revaluation is the foundation of creating an equitable and fair distribution of a taxpayer’s property tax responsibility.
Without periodic Revaluations, some property owners would pay more than their fair share of property taxes, while others would pay less. Revaluations adjust property tax appraised values to their current market value; thus, the property tax responsibility is spread fairly and equitably among all taxpayers.

When is a Revaluation?

A Revaluation is mandated by the North Carolina General Assembly for all 100 North Carolina counties. North Carolina General Statute 105-286 requires a Revaluation at minimum every eight years or maximum every year.

• Craven County Board of County Commissioners shortened the Revaluation cycle to six years in 2011 and to four years after 2016.
• Craven County’s last Revaluation was conducted in 2016.
• Due to Hurricane Florence in 2018, the expected Revaluation 2020 was rescheduled for 2023.

North Carolina General Statute 105-286 also mandates a Revaluation in accordance with a county’s sales assessment ratio for counties whose population is 75,000 or greater. Craven County’s estimated population qualifies under this statute.

What is the Appeal Process?

Please submit to the County Assessor a completed and signed appeal form that you receive from the perforated section o f your Revaluation Notice or from our website www.cravencountync.gov/tax on or before the DATE OF ADJOURNMENT (May 22, 2023). The appeal form may be signed by the owner, an attorney, or power of attorney.

• When submitting an appeal, please include any or all of the following:
1. Comparable recent sales as of or prior to January 01, 2023
2. Pictures reflecting the condition of your property
3. A recent fee appraisal or a market analysis
• The appraiser will review your appeal and verify the property card information. The appraiser may contact you t o discuss your appeal and possibly schedule an onsite inspection. The review may increase the value, decrease the value, or no change in value.
• You will be notified by mail the appraiser’s decision o f his/her review.
• If you do not agree with the reviewed value, the letter will be explanatory of the steps you can choose to further your appeal to the Craven County Board of Equalization and Review.
• You will be notified by letter at least 15 days prior to your scheduled Board of Equalization and Review hearing providing your date, time, and location.
• As a practical matter, when a close family member of a taxpayer, such as a father, mother, daughter, or son, comes forward on the basis that the owner is unable either to present an appeal or to execute a Power of Attorney, the more prudent position should b e t o allow the family member to represent the actual owner. Situations such as unexpected military duty, and unexpected illness o r hospital stays would certainly come under this exception.
• Attorneys-at-law may file appeals to the Board of Equalization and Review for their clients who own or control property in the county. Non-Attorney Representation -- A quasi-judicial hearing is one that requires public officials to determine the weight and sufficiency of the evidence and the credibility of the witnesses, to draw inferences and make conclusions from those facts, and to exercise judicial discretion.
• Below is a sample of the Power of Attorney document drafted by the Department of Revenue and recommended for use starting in 2015 follows. Please refer either to the Property Tax Section forms site (https://www.ncdor.gov/documents/power-attorney-form) or directly to our office for information on any updates to this form.
• It is advised that you provide copies of your evidence for the seven Board of Equalization and Review members.
• After you present your appeal to the Board of Equalization and Review, you will receive written notification b y mail o f your property value.
• If you disagree with the Board of Equalization and Review’s decision, the written notification will b e explanatory of the steps for you to choose to appeal to the Property Tax Commission.

How Will Revaluation Affect My Tax Notice

Revaluation and taxation are exclusive of each other; however, property taxes are based on property values. Revaluation determines your market value, while the tax rates are determined for budgetary purposes.