Revaluation

Your purchase price may not equal market value. A single sale, even under typical market conditions, will not necessarily occur at the expected market rate. The market value is determined by considering many sales, under normal market conditions. Only arm’s length sales will be considered. Examples of unqualified sales are sales between family members, foreclosure sales and short sales.

Q7. What if I disagree with my new property value?

No matter how thorough a revaluation may be, there are still some instances when a property owner has information that may influence the value of their property. For that reason, there is an informal appeal process. When the property value notices are mailed in February or March 2024, they will contain instructions on how to file an informal appeal and schedule an appointment with the reappraisal firm.

Q8. What are some valid reasons for filing an appeal?

The market value substantially exceeds the actual market value of the property. (2) The market value is inconsistent with the market value of similar properties.

Q9. What are some invalid reasons to file an appeal?

1. The market value increased too much compared to the 2019 market value.
2. The market value is more than the construction costs.
3. The market value is more than the insurance value.
4. The market value is just too high.
5. The owner does not have the financial ability to pay the taxes.

Revaluation is the process that matches your tax value with what your property is worth on the open market at the time of the revaluation. It covers all residential and commercial land and structures, such as homes, apartments, and office buildings, stores, and warehouses. It does not include what is known as “personal property”, such as cars, boats, and airplanes. The values for personal property are adjusted annually.

State law requires every county to reappraise real property at least once every eight years. The North Carolina Department of Revenue (NCDOR) published reappraisal standard and guidelines in 2017 and recommended that each county complete a reappraisal on real property every four years. Per NCDOR recommendations, Sampson County moved up the next scheduled reappraisal effective January 1, 2027, to January 1, 2024, and adopted the recommended four-year cycle thereafter.

Property is appraised at “fair market value”, which is the most probable price a property would sell for in a competitive and open market. Property values for revaluation are determine by comparing sales prices for similar properties, what it would cost to replace your property, the potential income for your property and many other factors.

An appraisal provides the basis for determining a property owner's share of the taxes that supports schools, roads, parks, public health programs, libraries, and police and fire protection. The amount of taxes you pay depends on both your property value and the tax rates set each year by elected county and city/town officials.

The readjustment in values makes the County's tax system fairer and more equitable, because the values are based on what the property is worth on the open market. This ensures that all property owners are paying their fair share of taxes.

Sampson County contracts with an outside firm registered with NCDOR to conduct reappraisals of real property in North Carolina. The firm completed a desktop reappraisal effective January 1, 2024. Sampson County will contract for a 2028 reappraisal that includes a field visit to all improved property. The appraisers review basic characteristics such as building dimensions, total square footage, type and quality of construction, type of heating and cooling, plumbing, age, condition, desirability, usefulness, etc. The firm will use the three recognized approaches to value in the appraisal industry to determine value.

• Market Approach: Compares property to recent sales of similar properties.
• Cost Approach: Determines current cost of replacing property.
• Income Approach: Considers how much income the property could produce (commonly used for commercial properties).

The firm is responsible for analyzing all sales within the county and developing the Schedule of Values (SOV). The SOV contains the rates to be applied to land and buildings to estimate the market value of all properties in the county. The Sampson County Board of Commissioners must approve the Schedule of Values created by the appraisal firm by January 1 of the year they are applied.