Notice of Property Tax Reappraisal for 2023
2023 is the scheduled year for the reappraisal of property taxes in Iredell County. Reappraisal take place every four years. The purpose of the 2023 Reappraisal is to equalize the tax burden among property owners and among all classes of property. Property values change with time due to market conditions and other factors. This results in groups of properties being under or overvalued. The periodic reappraisal of real property equalizes the tax burden by insuring all real property is assessed at the current fair market value. Assessed values in North Carolina counties reflect market conditions as of January 1 of the reappraisal year.
Iredell County’s last reappraisal was January 1, 2019. January 1, 2023 is the effective date of the next reappraisal. All real property will be reappraised. If no changes are made to the property after January 1, 2023, this updated value will remain the same until the next reappraisal.
The 2023 Schedules of Values, Standards, and Rules will be applied to all land and new structures added to the county tax roll until the scheduled 2027 Reappraisal.
The Appraisal Process
The County utilizes the methodology of mass appraisal. Mass appraisal is the systematic appraisal of groups of properties as of January 1 of the reappraisal year (2023). Mass appraisal incorporates the three generally recognized approaches to value: the Cost Approach, Sales Comparison Approach, and Income Approach. The duly adopted Uniform Schedules of Values, Standards, and Rules for the 2023 Reappraisal are used in appraising real property at market and present-use value.
Who Will Conduct the Reappraisal?
The 2023 Reappraisal will be conducted by the full time appraisal staff of the Iredell County Assessor’s Office. All of the appraisers and management are certified by the N.C. Department of Revenue.
Notification of the Reappraisal
All property owners will receive a Notice of Real Estate Assessed Value (Notice) for the 2023 Reappraisal. The assessed value represents 100% of the market value as of January 1, 2023. These new values will be used in calculating the 2023 tax bills.
Market Value as defined by the Machinery Act of North Carolina under G.S. § 105-283 Uniform Appraisal Standards is “the price estimated in terms of money at which a property would change hands between a willing and financially able buyer and a willing seller, neither being under any compulsion to buy or 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.”
Market Value is NOT:
Ø Foreclosure / Short Sale Value
Ø Construction Cost
Ø Sale Between Related Parties
Ø Auction Purchases
Ø Depreciated Asset / Book Value
Ø Insured Value
Ø Salvage / Condemnation Value
Ø Present-Use Value (Farm Use)
The Appeal Process
All appeals must be filed within the time frame specified on the Notice of Real Estate Assessed Value. Taxpayer should submit documentation to support their opinion of value. The first step of the appeal process is to complete an Appeal Form in its entirety and return it with documentation to: the County Assessor’s Office, PO Box 1027, Statesville, NC 28687, within 30 days of the Date of Notice. You may also complete and submit a request online at https://www.bttaxpayerportal.com/
Taxpayer Portal IR/Appeal
An appraiser will review the information provided by the taxpayer and respond to the taxpayer with a new Notice of Real Estate Assessed Value. The objective of this review will be to assure the property is appraised at 100% of its true (market) value as of January 1, 2023; therefore value could decrease, increase or stay the same. If you do not agree with the assessed value on the new Notice you may file an appeal with the Iredell County Board of Equalization and Review. Iredell County Board of Equalization and Review An appeal to the Board of Equalization and Review (Board) may be requested any time prior to the adjournment of the Board or within 30 days of the last Notice of Real Estate Assessed Value. The first meeting of the Board must be held no earlier than the first Monday in April and no later than the first Monday in May. Actual times and dates will be advertised in local newspapers. Appeals to the Board must be postmarked by the United States Postal Service within the allocated time periods. If a postmark cannot be read or is not present, the form will be considered received on the date it arrives in the Assessor’s Office. All requests for hearing should be made in writing to: Iredell County Board of Equalization and Review – PO Box 1027 – Statesville, NC 28687. Appeals may also be made online at https://www.bttaxpayerportal.com/ Taxpayer Portal IR/Appeal Online appeals must be submitted prior to the adjournment of the Board or within 30 days of the last Notice of Real Estate Assessed Value. Prior to the Board hearing an appraiser will visit the property to insure the accuracy of the Assessor’s data. Within 30 days after the Board hearing the taxpayer will receive a Notice of Decision indicating the Board’s determination of value. If the taxpayer is unsatisfied with this value they may appeal to the NC Property Tax Commission within 30 days of the date of the Notice of Decision.
Here is another place to find more information: https://www.iredellcountync.gov/DocumentCenter/View/11508/2023-Countywide-Reappraisal?bidId=