Feb. 17 The historic decline in real estate since 2008 is showing up in Cabarrus County real estate assessments, with the majority of values decreasing for the first time. Property owners in Cabarrus County will begin receiving property revaluation notices in the mail next week. On average, single family homes will see a 13 percent reduction in value.

The new property values are effective Jan. 1, 2012, and will be reflected on tax bills to be mailed in July 2012. While the tax rate will be determined by the county and local governments, changes in tax bills may vary according to improvements that have been made or other changes. Tax rates must be voted on and set by June 30. The tax bill for each property will depend on the combination of the new tax rate and the new value. Cabarrus County reviews property values every four years based on market values and economic conditions in an effort to bring assessed values in line with the worth of the property. County officials said the revaluation process brings equity among property values and ensures the value of any given property is consistent with a neighboring property.