County of Vance issued the following announcement on Mar. 7.
For information on the 2024 Tax Revaluation Process click here.
What is a Revaluation?
Revaluation is an in-depth process of reappraising all the real property in the county at its current market value. The 2024 revaluation will be a full measure and list appraisal. A full measure and list requires the appraiser to measure every improvement on the property and verify interior data. The 2024 revaluation will include the use of county maps, aerial photography, street level images, sales analysis, field visits, and other tools to gather data used in determining market value. Vance County has contracted with Vincent Valuations LLC. They will review and analyze the information including comparable sales within your neighborhood. Revaluation is not only mandated by the North Carolina General Statutes, but it is necessary to maintain equitable and uniform property values among property owners throughout the county.
What is Market Value?
It is the most probable or most likely price that the property would sale for. It is not the highest, lowest or average price.
It is expressed in terms of money.
It requires a willing buyer and a willing seller with neither under any pressure to buy or sell.
It implies that the buyer and the seller are fully informed of all the purposes to which the property is best adapted and is capable of being used.
It recognizes the property’s current use as well as its potential use.
Why have a Revaluation?
State law requires one at least every eight years
Assures all properties reflect current market prices
Creates equity within the tax base—between real, personal and public service property
Original source can be found here.
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