Reappraisal is a process in which all real estate values are assessed at their market value as of a specific date. The purpose of a Reappraisal is to provide equalization among all types of properties. North Carolina General Statutes require each county to conduct a Reappraisal at least once every eight years. Guilford County conducts a Reappraisal every five years. The last Reappraisal was effective January 1, 2012.
What is market value?
Market value is defined as 'the price estimated in terms of money at which the property would change hands between a willing and financially able buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of all the uses to which the property is adapted and for which it is capable of being used.'
Who conducted the Reappraisal?
The Reappraisal was conducted by in-house Guilford County appraisers who are certified and licensed by the State of North Carolina.
When will I receive my Reappraisal Notice of Assessed Value?
The notices will be mailed in mid-February of 2017.
How will the Reappraisal affect my tax bill?
The other component is the tax rate. The tax rate is determined by elected officials such as the Guilford County Commissioners and the various City Councils. The 2017 tax rates will not be set until early to mid-June of 2017. The 2017 ' 2018 fiscal year will run from July 1, 2017 to June 30, 2018.
What if I have questions about my new value?
Please visit our tax reappraisal home page. First, verify that your property records are correct. If any changes need to be made, these can be submitted electronically. Second, review the comparable sales for your neighborhood. If you have additional questions, you can email questions to: (firstname.lastname@example.org) or call the tax office at: 336-641-4814.
What was my old value?
Your old value can be found at; http://taxcama.guilfordcountync.gov/camapwa/. Enter in your name or parcel number and the 2016 tax year and click on the bill number. The old value will be on the left side of the page.
How did they reach this value?
Local tax appraisers examine and analyze market activity including recent qualified sales. Mass appraisal formulas are applied in assessing values. For example, even though not all properties will sell, or rent, or be built at the same time, information from those that have sold can be used to establish typical market rates for each of these market activities. Those rates can then be applied to all properties to ensure that reasonable values can be developed in a uniform way.
Did an appraiser come out to my property?
In a mass appraisal, appraisers review properties by neighborhood. County appraisers inspect and review all buildings when they are constructed or when major changes are made. The tax office maintains full property records and utilizes additional tools such as aerial photography, GIS data, real estate sale data applications, etc. in determining property specifics. You can verify your property record specifics at (http://myguilford.com/2017-Reappraisal/).
Why does my value differ from that shown on internet sites like Zillow?
Our appraisers spend a substantial amount of time qualifying all sales used to develop property values. Automated valuation models, or 'AVMs' such as those used by sites like Zillow or Trulia, do not research sales to determine if they meet requirements for qualification. These sites also do not have knowledge of local market variations
Why is there such a big change in my value from 2016?
Remember that the tax value used for 2016 was actually the appraised value from the last reappraisal in 2012. Over the past five years, some property values have gone up or down significantly.
Why would I receive two separate value change notices?
The parcel could have changed after the county mailed the original notices. For example, a larger parcel could have been split into smaller parcels, or smaller parcels could have been combined to make a larger one. The lot could have been vacant and is now improved or improvements added (garage, pool, additions, etc.) that the tax office did not have on current records prior to the original mailing.
Why did I not receive a listing form this year?
We do not mail listing forms in a reappraisal year. However, property owners are still required to list any updates/changes to their property in January of each year. You can submit the changes electronically on the Property Review Form found on the Reappraisal Home Page (http://myguilford.com/2017-Reappraisal/).
My square footage is wrong. How do I get this corrected?
The tax department has created a web site just for this purpose! Please visit (http://myguilford.com/2017-Reappraisal/) to verify your property records and submit any necessary changes. An appraiser will review your data and make any necessary changes to your property record card. If this results in a valuation change, you will receive an additional notice.
What are those 10 x 10 coded boxes on the sketch page?
In some cases, software limitations or lack of appraiser access resulted in coded boxes being utilized to represent square footage. The boxes function as 'place holders'. The actual square footage is present in the 'total living area' on the property record card.
I have never listed my detached garage, pool, etc before, why now?
Property owners are required to report any changes made to their property during the calendar year. This requirement is in addition to obtaining any required building permit. In many cases, citizens may not have reported a change because they were unaware of the requirement. Appraisers are required to list and assess any discrepancies they discover.
I submitted a change on the property verification form. How long will it be before I hear back?
A staff appraiser will review the submitted data. Based on the type of data change requested, the appraiser will determine if they need to set up a field review for your property. The appraiser may also contact you for additional information. Typically, changes will be reflected within ten days. These changes may or may not affect your valuation. If a valuation change is determined by the appraiser, you will receive a new notice this spring.
Is there a limit on how much my value can change in a reappraisal year?
No. Whenever a county has a general reappraisal, North Carolina law requires every property to be appraised at 100% of its market value, even if the value has changed substantially.
Do you consider foreclosure or auction sales?
All sales are considered. However, some transactions do not accurately represent the overall market. Foreclosure or auction sales are not typically true market value sales and therefore are rarely indicative of market trends.
I recently purchased my property for a different amount than the new assessed value. Shouldn't that be my new tax value?
A single sale, even under normal market conditions, will not necessarily occur exactly at the expected market rate. The market rate is determined by considering many sales and then determining what the overall market picture looks like.
I have utilized the online property review tool and it says 'no neighborhood sales'. How did they reach the value?
Our tax appraisers are all local appraisers with extensive experience in Guilford County. Sales from nearby similar neighborhoods may have been utilized and mass appraisal techniques applied in assessing value. All our appraisers are certified with the NC Department of Revenue and most also hold certifications with the NC Appraisal Board.
What are valid reasons to appeal the Market Value?
1. The market value on your notice substantially exceeds the actual market value of the property. 2. The market value is inconsistent with the market value of similar properties within your neighborhood.
What are invalid reasons to appeal the Market Value?
1. The market value increased too much compared to the 2012 market value. 2. The owner can't afford to pay the taxes. 3. The market value is more than the construction cost. 4. The market value is more than the insurance value. 5. The market value is just too high.
What if I want to appeal my new tax value?
The first step is the informal review request form. You can submit it online http://myguilford.com/2017-Reappraisal/ or mail the form included on the back of your notice of assessed value. Your right to appeal to the Board of Equalization and Review is protected during the review process. The deadline for filing the informal review request is March 17, 2017 at 5pm EST.