Revaluation Information
Property Taxes
The property or ad valorem tax is the primary source of revenue for local governments.
Property tax revenues are used to operate schools and pay for vital services such
as law enforcement, fire protection, public health, and more.
The amount of property tax you pay is based upon the value of your property and
the tax rate as determined by your local government. The Tax Assessor’s Office determines
the assessed value of all taxable property in the county. The Board of Commissioners
and the governing bodies of our cities and towns determine the spending priorities
for their respective jurisdictions. The governing bodies will also determine the
amount of revenue that will be available from all sources other than the property
tax. The resulting tax rate is based upon the budgetary needs of the local governments
after considering all other sources of revenue.
The Forsyth County Tax Assessor/Collector administers the property tax for the county,
Bethania, Clemmons, Kernersville, Lewisville, Rural Hall, Walkertown, Winston-Salem
and Tobaccoville as well as all fire protection districts.
Statutory Requirements
North Carolina law requires each county to reappraise real property (land, buildings
and other improvements) at least every eight years. The law allows counties to revalue
more frequently at its discretion. Forsyth County has generally performed revaluations
every four years since 1988, which lessens the shift in values that occur over an
eight-year period. The law also requires counties to appraise real property uniformly
at its true value in money. True value in money is “the price estimated in terms
of money at which the property would change hands between a willing and financially
able buyer and seller, neither being under any compulsion to buy or sell and both
having reasonable knowledge of all the uses to which the property is adapted and
for which it is capable of being used” (NCGS 105-283).
The Tax Assessor’s Office reviews every sale of real property recorded since the
last revaluation. Our appraisers utilize a neighborhood by neighborhood approach
to the revaluation, analyzing only the sales within or close by each neighborhood
to the greatest extent possible. Some sales are “disqualified”, such as those between
family members, related corporations, gifts, etc. as these sales usually do not
represent market value. The needs and compulsions of buyers and sellers obviously
influence sale prices. Analyzing all recent sales allows the Tax Assessor's Office
to account for unusual circumstances such as those described above and develop a
uniform schedule of values, standards and rules that can be applied to all properties.
The application of the schedule may not exactly match every recent sale price; however,
the schedule insures that each parcel of real property will be treated uniformly.
The 2009 Revaluation
The assessed value utilized in calculating your 2008 tax bill was determined by
the application of the Schedule of Values, Standards and Rules used in the 2005
revaluation. The 2009 Schedule of Values, Standards and Rules was used to determine
your new assessed value, which is effective as of January 1, 2009. This means the
change in value shown on your revaluation notice occurred over a four-year period.
Real estate values have changed since 2005; values generally increased in 2005,
2006 and 2007, but generally did not increase - and in some cases decreased from
2007 values - during 2008. Property values generally do not change consistently
throughout the county. So the primary reason for a revaluation is to periodically
re-equalize property values to preserve uniformity and equity within the tax base.
Real Property Versus Personal Property
Real poperty in Forsyth County was last reappraised in 2005. Personal property,
such as automobiles, trucks, trailers, boats, business equipment, etc. is listed
and appraised every year. This difference in the way real and personal property
is valued has an effect on the amount of taxes you will pay before and after a revaluation.
This is because the same tax rate is applied to both real and personal property
in North Carolina. Personal property values are not affected by revaluations; therefore,
a lower tax rate will reduce the amount of tax levied on personal property.
Frequently Asked Questions
Why are you revaluing property in this economy?
Forsyth County has been conducting 4th year revaluations since 1988. It is appropriate
to re-equalize values periodically to make sure that all property bears its fair
share of the tax burden – nor more, and no less. A delay would mean that some would
pay too much and others would pay less than their fair share.
Will the revaluation affect the value of my property?
Yes. The likelihood that your property has not changed in value over the past four
years is small. In some cases property values have declined since 2005; however
sales recorded in Forsyth County indicate real property is generally selling for
higher prices today than in 2004.
How will the revaluation affect my tax bill?
The impact of a revaluation on an individual tax bill varies. Realistically, most
real property owners will experience an increase in taxes even if tax rates are
lowered. This is because the same tax rate is applied to both real and personal
property in North Carolina. Personal property values are not affected by revaluations;
therefore, a lower tax rate will reduce the amount of taxes levied on personal property.
The amount of change in your total tax obligations will depend on the amount and
value of personal property you own and the amount of change in your real property
value.
What if I disagree with my property value?
Simply complete, detach and return the informal appeal form attached to your notice
of value. Upon receiving your completed informal review form our appraisal staff
will review the information provided and make any changes that are necessary and
appropriate. You will be notified in writing of any changes.
Will I be able to compare my property value with other properties?
Yes. Tax assessment records are open to public inspection. You may also visit the
Tax Assessor’s Geo-Data Explorer on the internet at http://www.co.forsyth.nc.us/tax/
and view tax records on-line. You will also find our new Forsyth County Residential
Home Sales application which shows all the residential sales we used in developing
the 2009 residential values.
And what if I’m still not satisfied?
If the informal review process does not resolve your concerns you may appeal your
valuation to the Forsyth County Board of Equalization and Review. Appeals to this
board must be submitted in writing no later than June 30, 2009. If you do not agree
with the Board’s decision you may appeal to the North Carolina Property Tax Commission.
The North Carolina Court of Appeals and the North Carolina Supreme Court would hear
further appeals.
If I want to talk with someone in the Tax Office, what do I have to do?
Revaluations bring about a significantly increased workload for our appraisal staff,
so our appraisers are not always available when people drop by to visit. Please
call (336) 703-2300 and we will be happy to set an appointment at a convenient time.
View a PowerPoint presentation
on the 2009 revaluation.
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