BY KARISSA MILLER

The Iredell County Assessor Division staff has been working hard preparing the 2023 countywide property revaluation.

Tax Assessor Fran Elliott presented a review of the process and update to the Iredell County Board of Commissioners during Tuesday’s board meeting.

According to N.C. General Statute, counties are required to conduct a revaluation at least every eight years. Iredell County adopted a four-year cycle in 1993.

“The purpose of the reappraisal is to equalize the tax burden among property owners and among all classes of property,” Elliott explained.

N.C. General Statue requires appraisal to be appraised at its true value in money. That is:
• The price property would change hands between a willing and financially able buyer and seller.
• Neither being under any compulsion to buy or sell and both having reasonable knowledge of the property.

“Reappraisals aren’t intended to raise taxes, but to distribute them more fairly,” Elliott said.

The established tax rate, she said, determines how much property owners pay in property tax, not the reappraisal.

Chairman James Mallory mentioned that some members of the public have concerns that the market has slowed down in some areas, while the market continues to be just as strong.

“There was concern that we were setting it at the highest point of the market, and not taking into account changes that we’ve experienced in the last two to three months,” Mallory said.

“But, in fact, this process goes through the end of December. All of the changes in the market are constantly being relooked at so that we get the most accurate picture of things at the end of the year,” he added.

Notices are expected to be mailed to all property owners in February 2023 that will detail their property’s assessed value. The notice will contain information regarding the appeal process; however, if the property owner believes the value is fair, no action is required.

In the spring of 2023, the county commissioners and municipalities will use the reappraisal information to assist in determining the tax rates used to determine property tax bills.

A copy of the 2023 Schedule of Values, Standards, and Rules is available for public inspection at the Tax Assessor’s office and the Iredell County Public library branches and on the county’s website. A public hearing to discuss the values will be held at the October 4 meeting.

A request for final adoption of the Schedules will be made to the Board on October 18.