“Property revaluation is a required and essential process that ensures fairness and accuracy in our local property tax system. Over time, real estate values change due to factors such as market demand, development, economic conditions, and improvements made to properties. Revaluation is the method by which the county reassesses all properties to reflect their current market value as of a specific date.
In North Carolina, counties are mandated by law to conduct a revaluation at least once every eight years, though many counties, including ours, choose to do so more frequently to maintain greater accuracy. The goal is not to increase revenue, but to ensure that the tax burden is distributed fairly among property owners based on up-to-date values.
Without regular revaluation, disparities can occur where some property owners pay more than their fair share while others pay less. Revaluation corrects these imbalances by aligning property values with the current real estate market…