2021 Davidson County Tax Value Assessment of Real Estate Property

 

 

This is the year for reassessments for Davidson County’s tax value. I’m sure that some of us were in shock the see the values of our homes increase significantly. The real estate market for Davidson County has only been increasing since the last tax assessment. Sticker shock has set in for many homeowners when they see the bottom line of the yearly property taxes. 

Read the Davidson County tax assessment letter first!

When your new Davidson County tax value Assessment comes in the mail from it will contain information about your property like your home’s square footage, acreage, and legal description. The new property tax bill will also have the new assessed value of your house and land.

Who do I contact to appeal the tax assessment in Davidson County, NC? 

You will need to contact the county’s tax department to file an assessment appeal.  Davidson County tax department is open 5 days a week but attached is the appeal form for Davidson County. It is from 2015 but they haven’t updated their site for 2021 tax changes. This form is for both homeowners that want to increase or decrease their tax values. 

How is my tax bill calculated? 

Property tax rates vary from area to area. For Example, homes located in Lexington city or Winston-Salem city districts pay more in taxes than properties located in just the county. Each local government decides on its tax rates by public voting. 

As a property owner, how do I dispute the tax value of my home? 

If you think your home’s assessment is higher than it should be, challenge it immediately. You generally have less than 30 days to do so, though each taxing authority sets its own timeline. The assessment letter will have instructions on how to dispute the tax value on the form. 

When should I file an appeal?

While tax value doesn’t affect the property value on the open market. Some home buyers will look at the tax value and won’t make offers on homes because the values aren’t close. We Realtors can talk about this until we are blue in the face but it doesn’t change home buyers’ feelings. If you are thinking about selling you might not want to appeal the reassessments of tax value. 

What happens if they don’t change my property value?

If the taxpayer is doesn’t approve of the decision local board, they can appeal to the State Board of Equalization and Review, i.e. Property Tax Commission. They meet monthly to review valuation and exemption. If you don’t pay these taxes you will have tax levies on your property that could cause you to lose your home to a tax foreclosure auction. 

Is my house really worth that much?

There’s a good chance that the sticker shock is actually real. The tax department looks at the sales of similar homes in your neighborhood and area. It checks the characteristics of those similar properties and compares them to your real estate. North Carolina’s real estate market has been crazy for the past few years, and in Davidson County, the last tax value for the real property was in 2016. 

Where do I find 3 comparable properties to dispute my tax values?

Some property owners will know the surrounding market by speaking with neighbors or researching websites. Be careful of this research of the real estate market.

Properties with different upgrades and costs paid for by the seller aren’t being accounted for if you or the homeowner doesn’t have access to the MLS. Websites like zillow.com or trulia.com don’t have this information available.  This is critical for the appeal to Davidson County tax value Assessment form. 

Should I hire a real estate appraiser to help appeal my Davidson County Reassessment Tax Value?

You can hire an appraiser to come to assess the property. Appraisers can point out similarities in your home to others in the area. They will adjust for upgrades, condition, lot size, age, etc. 

Just remember an appraisal is just good for that day. This is because the market changes rapidly. The tax department will take this into account when reviewing your assessment dispute.

What about having a real estate agent give me comparable sold homes?

Sure! That’s what we are here for! We know the market well. Realtors have probably been in the comparable sold homes. They know if they are alike or very different from your home.

If my home is worth this much let’s sell!

Over here at Mantle Realty, we hear about a lot of people deciding to sell after they realize the true value of their home. If you contact us today we will come out and give you the actual value of your home. 

Tax Departments are usually actual on the low side of the retail value or properties. Call us at 336-600-1052. We’d be happy to help with any questions on your tax value or if you are interested in selling your home.  Check out our other blogs that are everything real estate related and more!