Henderson County Assessor's Office Revaluing Real Estate Property for Taxes

Henderson County Assessor's Office Revaluing Real Estate Property for Taxes

It's that time again for the Henderson County Assessor's Office to start gathering info to reset real estate property values for 2011.  This happens every four years and the current tax rate of $.462 per $100 of assessed value was set on January 1, 2007 and will now be reset on January 1, 2011.

This means that employees have begun the process of gathering data from the Multiple Listing Service and other records to identify market trends in sales for current market conditions.  It's a long process to make a determination of fair market value and the direction the real estate market is heading -- up or down.  The new valuations will be set January 1, 2011.

Like most other locations Henderson County has experienced a significant change in the real estate market -- to put it gently!  Four years ago the market was going full steam ahead and than BLAM!!  Four years ago many high end properties were selling and many folks from Florida and other locals were relocating to the our area for full time living or second homes.  Fortunately during the housing boom the area prices didn't appreciate at the rate of many other locations such as Florida and California.  Unfortunately, many of our potentional purchasers are from areas having difficulties getting property sold and many folks need to sell before they can purchase.  Things have been picking up and many buyers are now purchasing entry level homes and taking advantage of the first-time homebuyers tax credit.  We are also experiencing more purchasers looking in the $200,000 to $400,000 price range and this is encouraging.  Buyers have an abundance of inventory to choose from.

Property values in many cases will probably decline somewhat from the revaluing of four years ago.  This of course would mean a decrease in revenue for the county.  In that case an option would be to adjust the tax rate so the county would receive the same revenue as previously.  It will be interesting to see the direction the county will take -- to raise or lower the tax rate valuation at that time.  North Carolina operates under a fiscal year that begins on July 1 and ends on June 30.  Our taxes are paid in arrears and the tax bills are issued between July 1 and September 1.

Sue of Robin and Sue