Frequently Asked Questions

   

What?

What is Revaluation?

Revaluation is a process that updates the assessed tax value of each property to keep those values consistent with what the property is worth in the current market.

What type of property is revalued?

Revaluation is done for all residential and commercial land and structures on land in Randolph County, such as houses, garages, offices, etc.  Revaluation does not include property such as motor vehicles.

What is true market value?

North Carolina General Statutes require all property, real and personal, to be appraised or valued at its market value; that is the most probable price which a property should bring in a competitive and open market, being exposed to the market for a reasonable length of time, under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably and assuming the price is not affected by undue stimulus.  (USAP 1996 edition).  

---

Who?    

Q: Who decided to conduct Revaluation?   

North Carolina law requires a revaluation be conducted at least every eight years.  The last revaluation occurred in 2007.   Randolph County is currently on a six year Revaluation Cycle as decided by the Randolph County Board of Commissioners in February 2004. 

Q: Who conducts the revaluation?

Revaluation is conducted by the Randolph County Tax Department.

---

How? 

How much will revaluation affect my tax bill?

Revaluation determines only one of the two components of your tax bill---the assessed value.  The other component---the tax rate---is set by an elected body such as the County Commission, City Council, or School Board. 

Tax Bill    =    Assessed Property Value    x    Tax Rate / 100

---

When? 

When will the revaluation occur?

The process of determining the new assessed values is underway and will be completed before the end of 2013.   

When will I know what my new assessed property value is?  

In February  2014, property owners will be mailed a notification of their assessed value.  

When will my new assessed property value be reflected in my tax bill?  

The new assessed value will be reflected in the tax bills mailed in July 2014

When was the last revaluation?  

The last revaluation conducted in Randolph County was effective for 2007.  

When will the next revaluation be conducted?   

The next revaluation will be January 1, 2014. In February, 2004 the Randolph County Board of Commissioners approved a six year Revaluation Cycle. In December 2012, the Commissioners approved postponing the revaluation for one year.

---

Which?   

Which properties are affected by the revaluation?

All residential and commercial properties located in Randolph County are included in this and every revaluation.  

---

Why?    

Why does revaluation occur?   

Revaluation is conducted to make sure all properties are valued equitably, based on what the property is actually worth on the open market.

Why is it being done now?

By North Carolina law, all counties must conduct a revaluation at least every eight years.  However, counties can decide to revalue property more often.  The last revaluation in Randolph County was conducted in 2007.  This means that since 2007 you and all property owners are carrying value and paying taxes based on the 2007 value of property.  Because many property values have changed considerably since 2007, revaluation will more accurately determine the true market value of each property. 

---

IMPORTANT TAX PHONE NUMBERS 

Tax Office Customer Service Center  
(Including Tax Administration, Tax Collection, Motor Vehicle and Ambulance Billing) 336.318.6500