Reassessing revaluation

Home and property owners in Rockingham County have taken issue with the recent revaluation, which increased the assessed value for many tracts and homes.

More than 1,000 people have appealed their assessments, and others have complained about the issue in public meetings.

A petition against the new home values is displayed near the cash register at one store in western Rockingham County. Property owners earlier this week had filled the document’s several pages, leaving little room for additional signatures. Surely more petitions like that one are floating around the county, residents all too eager to add their name to the growing list of affected taxpayers.

Tim Thornton of Eden owns 15 rental properties in Rockingham and Guilford counties. He isn’t happy about the assessment, telling News Editor Steve Lawson that some of the revaluations he received were far above the actual values.

“I have a townhouse in Reidsville I bought for $42,000 in 2007,” he said. “At that time, it was valued in the low $50,000s. The new assessment I got on it values it at $75,990. That’s a heck of an increase in less than two years.”

The new assessed values listed reflect changes in appraised market values during the past six years. North Carolina law requires counties to revalue real property at least every eight years. Counties are allowed to set their own revaluation cycles, and Rockingham County normally runs on a four-year cycle. The county’s last revaluation came in 2003, and the scheduled appraisals in 2007 were delayed for a variety of reasons.

Much has changed in the past six years. The housing boom several years ago pushed property values in many parts of the country far beyond reasonable prices. Some took advantage of the markets; others were burned by it.

County Tax Administrator Karen Carter said, “The process is designed to redistribute or equalize the valuations between properties. The goal is to bring the assessed values in line with current market values in the area where they’re located.”

County residents already are taxed at a relatively high rate, and officials are simply increasing those taxes while providing no return for residents. The assessments are bad news for property owners, many of whom are struggling to keep their homes and to provide for their families.

We’re not taking issue with the process, or the laws that govern revaluations. Problem is, the perceived value of a home for most Rockingham County residents is inconsequential, because few people are moving into the county and even fewer are buying homes here. Just ask someone who has tried, or is trying, to sell a home. If a buyer is found, owners would consider themselves quite fortunate to break even – never mind making a profit or even getting the assessed value.