Revaluation is the process of reappraising all real estate in the County to reflect the current market value. The purpose of revaluation is to re-establish equity among properties that may have appreciated or depreciated in value at different rates since the county's last revaluation. In a non-revaluation year, North Carolina counties are not allowed to change tax assessments, up or down, based on changes in the economy.
The effective date of the most recent revaluation was January 1, 2019, and all current tax assessments for real property reflect a market value as of that date. The next planned revaluation will be effective January 1, 2023, and tax assessments will be updated to reflect market value as of that specific appraisal date.
Each of the County's approximately 32,000 parcels have been personally visited or viewed by an appraiser for this revaluation cycle. The purpose of these site visits was to verify current tax department data (measurements, components, topography, etc.) and to ensure that tax values accurately reflect improvements 'on the ground.' Much erroneous data was corrected or removed.
All sales occurring since January 1, 2019 have been independently verified and reviewed, and the most recent (primarily those in 2021 and 2022) to the revaluation were utilized in building valuation models for 2023. Residential properties are primarily valued using the sales comparison approach, and ensuring that recent, arm's-length tran
All sales occurring since January 1, 2019 have been independently verified and reviewed, and the most recent (primarily those in 2021 and 2022) to the revaluation were utilized in building valuation models for 2023. Residential properties are primarily valued using the sales comparison approach, and ensuring that recent, arm's-length transactions are utilized results in more accurate revaluations.
Extensive quality control measures were implemented throughout the process - including third party review of models and public hearings - and McDowell County strives for transparency in the process of conducting revaluation. Additionally, properties enjoying exemptions and/or inclusion within the Present Use Value program are continuously audited to ensure continuing eligibility.