Personal property and real property are valued by using different methods. Personal property such as some manufactured homes, campers, boats and trailers are valued according to size, model and year. The value is assessed as of January 1st each year. These properties must be listed each January by the owner. If you do not receive a listing form in early January, please call 250-4920 or email email@example.com to request a form.
Motor vehicles are valued by year, make and model in accordance with the "NC Vehicle Valuation Manual" used by all 100 Counties in North Carolina. Vehicle value is assessed as of January 1st preceding the due date. For example, if you receive a vehicle tax bill due in October, 2012, the value placed on the vehicle is the estimated value as of January 1st, 2012.
Business personal property such as computer/office equipment, machinery, farm equipment and etc. is valued on a cost basis using "Trending Schedules" developed by the NC Department of Revenue. Trending schedules depict replacement cost new less depreciation.
Every four years, the Buncombe County Tax Department completes a reappraisal of all real property in the County. This process is called "Reappraisal." The purpose of reappraisal is to comply with North Carolina General Statutes which require property to be valued, or appraised, at its current market value at least every eight years and to insure all taxpayers are taxed fairly and equitably. Values are placed on real property using either one or a combination of the following appraisal approaches: