In early 2012, we posted about the extreme spike in the number of property tax appeals out of Mecklenburg County's 2011 Revaluation. Over the last year or so, we've chronicled the fall-out caused, culminating in the replacement of the tax assessor and serious discussions about a revaluation re-do.
Effective January 1, 2012, Guilford County implemented its own revaluation and it appears that Guilford County property owners are appealing in record numbers. As reported by Joe Killian at News-Record.com, the assessments of 507 properties have already been appealed to the North Carolina Property Tax Commission, up nearly 500% over the number of appeals for the last revaluation cycle.
Of these properties, about one-third are single-family homes. That means the vast majority are commercial, industrial, apartments, offices - most of which are income-producing properties calling for the income capitalization approach to valuation. The implication is that the investor-owners feel that the assessments are not reflective of the realistic returns experienced.
We've summarized in a previous post the appeals process in North Carolina. In most cases, the North Carolina Property Tax Commission is the last stop for these appeals. Given the number of appeals from Mecklenburg County still pending before the Commission and the new influx from Guilford County, it appears the Commission is in for a very busy 2013 and 2014.
Image Copyright Pauline Eccles. This work is licensed under the Creative Commons Attribution-ShareAlike 2.0 Generic License