Saturday, 23 June 2012

Sluggish real-estate market trails tax values

Property values across North Carolina generally are worth less than county tax appraisers say they are.

From Chris McLaughlin at UNC's Local Government Law Blog: "Prior to 2009, each year we’d see only a handful of counties with sales assessment ratios at or above 100%. But in recent years, more and more counties are learning that their real property is on average overvalued for property tax purposes."

Average tax values are 104 percent of market value, according to the N.C. Department of Revenue's just-released 2012 report.

Guilford County is just right at 99.56 percent, but Alamance, Davidson, Forsyth, Randolph, Rockingham and Stokes counties all top 100.

The report "suggests that real estate values remain generally sluggish across the state," McLaughlin notes.


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