Here’s how Rowan County’s property revaluation process works

Published 12:05 am Wednesday, December 14, 2022

SALISBURY — Work continues by the Rowan County Tax Assessor’s office for the county’s 2023 revaluation, which is expected to be finalized by the end of January, with notices to be mailed to property owners in February.

Revaluation is a process where all property — land and buildings — within Rowan County is revalued or adjusted to reflect the current market value defined as “the price estimated in terms of money at which the property would change hands between a willing and financially able buyer and a willing seller, neither being under any compulsion to buy or sell,” according to North Carolina General Statute  North Carolina General Statute 105-283.

In simpler terms, it’s how much a home would sell for under normal conditions. It’s the job of appraisers at the Rowan County Tax Assessor’s Office to figure this out.

Properties are observed by a Rowan County tax assessor in order to:

• Authenticate the accuracy of characteristics on record for the property;

• Compare similar property sales;

• Consider improvements or changes that have been made to the property.

With more than 81,000 properties in Rowan County, the tax assessor’s office has to find out how much each is worth and then compare that with how much other properties are selling for. The revaluation resets property tax values to current market value so that the property tax burden is spread fairly among all taxpayers. Without periodic revaluations, some property owners would pay more than their share of property tax while others would pay less.

Once the revaluation determines the market value, it’s up to the Rowan County Board of Commissioners to determine tax rates during the annual budget process in June. The value of a property combined with the tax rate determines the property’s tax bill, which is mailed in early July.

Once notices of value are mailed at the end of February, there is an opportunity to appeal the established value until April for any property owners who think their property is valued too high or too low.

“Everybody who has an appeal, as long as they can appeal during that period, we’ll talk to them,” said Rowan County Tax Assessor Wendell Main.

If property owners pay their tax bill before the end of July, they will receive a 1.5% discount and a 1 % discount if they pay it before the end of August.

Correction: This story has been updated to show Rowan County residents will receive a 1.5% discount if their tax bill is paid before the end of July.