edgecombe county North Carolina

2024 Edgecombe County General Reappraisal

Edgecombe County has retained JWE Services, LLC, to perform the Edgecombe County general reappraisal of real property with values to become effective January 1, 2024. The General Statutes of North Carolina mandate that Edgecombe County reappraise all real property at least every eight years, beginning with 1976, to determine each property’s fair market value for the purpose of taxation.
 
Every 8 years, Edgecombe County revalues real estate to ensure all properties are valued and taxed equitably. Real estate revaluations are required by law in North Carolina, and they set the tax value of all residential and commercial land and structures such as homes, office buildings, stores, and farms. They do not include what is classified as individual personal property, such as vehicles, boats, airplanes, and business equipment, which are valued annually. 

Because property values don't all go up or down at the same rate, revaluations make sure each property's assessed value reflects its fair market value, or the most probable price a property would bring at sale in a competitive and open market. Because property taxes are based on a property's market value, if counties didn't conduct periodic revaluations, some property owners would pay more than their share of property tax while others would pay less than their share. 

Property taxes are determined by two factors: a property's assessed value, and the tax rate per $100 of value set each year by elected county and municipal officials. Property tax is Edgecombe County's largest source of revenue. Revaluations ensure that property owners pay their fair share of property taxes which go on to provide services like public education, emergency medical services, public health, law enforcement, affordable housing, and other community services. 

Application For A Hearing Before The 2024 Edgecombe County Board of Equalization and Review 
 
What's Next 

  • February 29, 2024:  Property owners should start to receive notices in the mail with their new assessed value. 
  • March 31, 2024:  Deadline for property owners to submit requests for informal review of assessed value to Tax Administration. 
  • April 1, 2024:  Board of Equalization and Review convenes for 2024.
  • May 6, 2024:  Deadline for property owners to file a formal appeal to the Board of Equalization and Review.
Frequently Asked Questions 

What is revaluation? Revaluation is the process that makes sure each property’s assessed value reflects its fair market value, or the most probable price a property would bring at sale in a competitive and open market.

Why does the County do a revaluation? Revaluations are required by law in North Carolina, and they set the tax value of all residential and commercial land and structures. Property values don’t all go up or down at the same rate, so revaluations help make sure each property’s assessed value reflects its fair market value, or the most probable price a property would bring at sale in a competitive and open market. Because property taxes are partially based on a property's market value, if counties didn’t conduct periodic revaluations, some property owners would pay more than their share of property tax while others would pay less than their share.

How often are properties appraised? In North Carolina, counties must conduct a revaluation at least once every eight years.

What is the Schedule of Values? The Schedule of Values or SOV is a manual providing rates, value ranges and guidelines for appraising property at fair market value in Edgecombe County. It includes adjustments that may be used for various types of construction, adjustments for market conditions, and valuation schedules for land.  By law, the SOV must be approved by the Board of Commissioners.  

The rates and ranges in the Schedule of Values are effective January 1, 2024, and will stay in effect until the next revaluation. Any changes or improvements made to properties during this time frame will be appraised in accordance with the standards found in this document.

2024 SCHEDULE OF VALUES

How can I find out my current assessed value? You can use the public access page to view your current assessed value and other information about your real property.

What if I do not agree with my new notice of value? If you agree with your new value, no action is needed. However, all property owners have the right to appeal the appraised value of their property. Taxpayers can request an informal review of their value from the Tax Administration Office or appeal formally to the Edgecombe County Board of Equalization and Review.  Taxpayers are encouraged to submit documentation as to why the assessed value does not reflect fair market value or provide additional information about property characteristics that may influence their assessed value.

What determines my tax bill? Your property tax bill is made up of two parts - the assessed value and the tax rate set each year by elected county and municipal officials. They are multiplied to get the dollar amount owed. For example, if a house has an assessed value of $300,000 and the county tax rate is 65.70 cents per $100 of value, the County tax amount would be $1,971.00 ($300,000 x .00657). 

After revaluation, will my tax bill stay the same? Until the tax rate is set, the effect that revaluation will have on specific tax bills cannot be determined. State law requires local government officials to publish a revenue-neutral tax rate as part of the budget process. Revenue neutral is a budget term that means the revenue brought in by property taxes in a revaluation year would be approximately the same as if the revaluation had not taken place. Local officials are not required to adopt the revenue neutral tax rate when they adopt the property tax rate, but they must publish it as part of their budget for comparison purposes. 

Who can I contact if I have more questions? Please call 252-641-7868 or email taxassessor@edgecombeco.com