Buncombe County leaders held a press conference last week to explain the hot mess that’s resulted from a state bill blocking property revaluations — sending Buncombe County’s budget and property tax rate into a tailspin.
The General Assembly issued a moratorium halting counties from implementing property revaluations this year. Revals are conducted every few years to square up values on the property tax rolls with values in the real estate market.
However, Buncombe County had already implemented a reval this year. The tax rate and budget passed over a month ago are based on those new property values, which were collectively 40% higher than old values…