How Come my property taxes haven't gone down with the value?
Macon County NC 2013 tax rate of .2790 or nearly 28 cents per $100 dollar property valuation, is the lowest county tax rate in the State of North Carolina!
By law Franklin, NC has to assess our property values every 8 years. Franklin has never gone that long until now. Our Property Assessment was every 4 years when the value was going up, up and up. Now that the property values have plummet they didn't dare touch it. 2013 Macon County will be Re-assessing our property values because its been 8 years and its the law.
Home owners make the mistake of thinking there property is worth what the Tax Man says.
It is NOT an appraised value, its a property assessment of what the county says its worth and you pay the taxes on that amount. A tax assessment is different from an appraisal value.
You see this is a lose lose situation. The town of Franklin, NC has a budget they are used to spending that money they collected on taxes. If they lower our property assessed values they will not have enough tax income to run the town they say. They more than likely could survive just like the rest of us has had to but, well you know they need it.
Another reason they will not lower the value of our property is, if they do guess what will have to happen to collect the tax revenue they need? You got it, our TAXES go UP to make up the difference.
Macon County is considering tougher collection practices in dealing with the delinquent. The more people are delinquent and the town don't collect they will have to close that gap by raises our taxes to make up the difference. They also offer payments so you don't have to cough up a lump sum. Don't lose your property with the New Plan the town is going to implement including foreclosure.