Introduction
North Carolina Tax & Reassessment Report
27 of the 100 counties in North Carolina are conducting property tax revaluations in 2023 as outlined below. This is noteworthy with the situation in Guilford County (Greensboro). Guilford County reassessed in 2022 and saw property values go up by an average of around 30%. Guilford County recently published their 2022-2023 property tax rate and voted to keep it the same as 2021.
By not offsetting these higher valuations with lower tax rates, property taxes will increase significantly county-wide. One of these counties being reassessed in 2023 is Mecklenburg County (Charlotte), the most populated county in North Carolina. Other major counties up for revaluations include the counties of Gaston (Charlotte MSA), Alamance (Triangle MSA), Brunswick (Wilmington MSA) and Henderson (Asheville MSA). Investors will be keeping a close eye to see if Guilford County is an indication of what will happen in other major counties in North Carolina.
NC Counties
* Tax rate reflects county-wide tax rate. Additional city millage may be included in total tax bill.
North Carolina Department of Revenue—August 2021
Notes:
- Property subject to taxation must be assessed at 100% of appraised value.
- Revaluations are effective January 1 of year shown. Real property must be revalued every 8 years, but counties may elect to revalue more frequently.
- Year shown for next scheduled revaluation is the year indicated based on Octennial Reappraisal Budget Reserve provided to NCDOR as of July 2021.
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Contact our team today to discuss potential consequences of increased assessment values, and learn how we can partner with you to maximize your investments.
