Feb. 20. Next week, Cabarrus County will mail revaluation notices to owners of property in Cabarrus County.  The new property values are effective Jan. 1, 2016.

Every four years, Cabarrus County reviews property values based on market values and economic conditions to bring assessed values in line with the worth of the property as of January 1 of the revaluation year.  The revaluation process brings equity among property values and ensures the value of any given property is consistent with neighboring properties.

Due to activity and changes in the real estate market over the past four years, some properties have increased in value, some have decreased, and some are virtually unchanged.  At this point, the county anticipates an increase of 2-4 percent in real property values for the county as a whole.  Because each property is different and the revaluation includes all residential and commercial properties, this number does not necessarily reflect what individual property owners will see in their revaluation notices.

County real estate appraisers review properties by analyzing data collected using actual field visits and aerial images of properties to estimate fair market value, or the price a willing seller may receive from a willing buyer.  In cases where property owners make improvements or other changes occur to the property, appraisers visit the property to evaluate the property’s features.

The process of evaluating property is ongoing and depends largely on communication between the property owners and the tax administration office.  To help avoid discrepancies in property value and prepare for revaluation, Cabarrus County mails property owners a listing document each January.  The document informs owners of their responsibility to report any changes to the property.  The county works with property owners to address potential discrepancies through the revaluation appeal process.

Should property owners determine the need, each revaluation notice includes an appeal form.  Property owners may submit their appeal in writing to the Cabarrus County Tax Administration office within 30 days of receiving the notice or file their appeal online at www.cabarruscounty.us/appeal starting Feb. 22.

When the county mails tax bills in July 2016, they will reflect the new values.  The tax bill for each property will depend on the combination of the assessed value of the property and the tax rate set by the Cabarrus County Board of Commissioners and municipal boards.  Local governments have until June 30, 2016 to set their tax rates and approve their FY2017 budget.

The Cabarrus County Board of Commissioners began the FY2017 budget process with a retreat the last weekend of January.  Property owners will have opportunities to participate in the ongoing budget and tax rate process by attending public workshops and meetings beginning in April.

The county began work on the 2016 revaluation process in 2014.  The Board of Commissioners held a public hearing on the 2016 Schedule of Values on Oct. 19, 2015 and adopted the schedule at its Nov. 2 meeting.  The county provides information on the revaluation process on its website, www.cabarruscounty.us, social media and on Time Warner Cable Channel 22.

For more details about revaluation, visit www.cabarruscounty.us/revaluation.