How is Property Valued?

• Personal Property
  Personal property and real property are valued by using different methods. Personal property such as some mobile 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 gary.roberts@buncombecounty.org to request a form.
  
  
• Motor Vehicles
  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, 2006, the value placed on the vehicle is the estimated value as of January 1st, 2006.
  
  
• Business Personal Property
  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.
  
  
• Real Property
  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:
  • The sales comparison or market approach. This approach compares the selling prices of similar properties and places a value on those properties based on actual selling prices. This approach is the most accurate when there are a number of sales occurring.
  • Cost approach. Values are determined on what it would cost to replace a similar property at current building costs minus depreciation based on a variety of factors and the age of the property. This approach is best used for unique properties or newer construction.
  • Income approach. This approach is used primarily on income producing properties such as apartment buildings or business offices. Revenues are analyzed to determine a net operating income. This income is then capitalized to determine a value for the property.