Durham County tax reappraisal info session tonight

We all know the old saw that you can only count on death and taxes in this life. Well, in North Carolina at least, the taxes part gets most interesting every eighth year. That's when counties reappraise property values for each parcel in their borders.

Historically, the overall average tax rate decreases when the average property appraisal increases so that the reappraisal should be relatively revenue neutral -- or at least, by statute, local governments have to publish what a revenue-neutral tax rate would be after any reappraisal.

Updated property appraisal notices will be mailed out next week to Durham County property-owners. The county government kindly notes that you should not use your 2007 tax rate against the 2008 appraisal to try to figure out next year's tax bill; next year's millage rate won't be known until the 2008-09 budget is set.

Still, even though this is intended to be revenue neutral at the average, those parts of Durham deemed to have appreciated more than the average neighborhood will see higher tax bills, though the converse will be true for those parts of Durham felt to have not kept pace with average appreciation.

Want more info? Attend tonight's 2008 revaluation informational session from 6:30pm to 8:00pm at the Commissioners' Chambers downtown (map). Read the press release below the cut to find out more.

Durham County Tax office will conduct a “2008 Revaluation Information
Session” to help citizens learn more about the upcoming change to real
property values. The session will be held on Thursday, November 8, 2007
from 6:30 pm until 8:00 pm in the Commissioners’ Chambers located at 200
East Main Street, 2nd Floor. Kimberly Simpson, Deputy Tax Administrator
and Rich Morgart, Real Estate Tax Supervisor will offer an overview of the
revaluation process and respond to questions from residents. Revaluation
goes into effect on January 1, 2008. Notices of new values will be mailed
to taxpayers on November 16th.

Citizens may also visit the Tax Office website at
http://www.durhamcountync.gov/departments/txad/

Click on the 2008 Revaluation link to find out more on the revaluation
process.

For more information, contact the Tax Office at 919 560-0300.

Comments

[B.C.Visitor]

This must be a repeat of the one they on Tuesday, October 23rd that was held during the morning hours when most of everyone was working. Right?

I attended that one and it was pretty informative. Though it was interesting that most of the attendees appeared to be Durham business reps with questions relating to how they could keep their appraisals low through various methods (for example, historic designations, making repairs later rather than earlier, etc.).

It'll be interesting to see the valuation of downtown properties and the number of appeals that could potentially come from this area. Appeals arguing the valuation of the appreciated property, that is.

From what I understand, the bulk of Durham's property taxes is made up from business related properties. With that, and the appreciated value of places like Trinity Park, I hope the city is able to start building a better kitty for the planned improvements and the new, and old, bond debts Durham took on.

[JessGH]

As a Trinity Park resident, I can tell you that everyone's tax bills around hereare going to skyrocket. We received our valuation yesterday, and it is more than double our current tax value. It is also $40K more than it was appraised for less than 2 yrs ago. I'm glad to hear my property value going up, however, not exactly thrilled at doubling my escrow every month!

[barry]

don't forget, folks, the increase in overall property values means a decrease in the property tax rate. state law requires that a revaluation be revenue neutral in the aggregate.

the overall increase in property values for the county was about 30%. this will result in a lowering of the tax rate by about 25%. If your property appreciated more than the overall average of 30%, you'll see an increase; if you're property appreciated less than 30%, you should see some decrease.

i wonder if the increase in property values in Trinity Park had anything to do with Duke purchasing up all of Guy Solie's substandard rental properties? you know, the ones he rented to all those ill-mannered Duke students?