Dear Buncombe County Residents,
North Carolina law, NCGS 105-286, specifically requires
counties to reappraise all real property at least once every
eight years. Real Property is considered land, buildings,
structures, and improvements. NCGS 105-286 also
authorizes counties to reappraise real property more
frequently than every eight years. In order to maintain
current values, Buncombe County attempts to reappraise all
real property on a four year schedule. The previous
reappraisal occurred in 2021 with the next reappraisal
effective January 1, 2025.
North Carolina law, NCGS 105-283, requires that real
property be valued at its true value in money, meaning
market value. Properties are appraised at 100% of market
value based on the most recent qualified sales that occurred
leading up to the reappraisal date. Not all properties will
sell, rent, or be built in the same time frame, but those
properties that do can be used to establish typical market
rates for those activities. Buncombe County consists of
approximately 132,000 parcels of real property. In order to
reappraise all parcels a process referred to as mass
appraisal is employed. Mass appraisal is the process of
grouping uniform or similar properties together to ensure
fair and equitable property values. Various characteristics of
the property are considered during the appraisal process
such as, location, type of construction, age, replacement
cost, various forms of depreciation, zoning, etc.
Property values can change during a non-reappraisal year
due to physical changes that are made to the property.
Reappraisal value is the value of the property as of January 1
of the reappraisal year. Buildings or other improvements
currently under construction are appraised according to the
degree of completion on January 1.
For most, the property is assessed for taxation at market
value. The assessed value of a property may be different
from the appraised value because the property could be
enrolled in a tax relief program.