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Revaluation & Schedule of Values
Revaluation (or "reappraisal") is the process of updating Rowan County's real property values to reflect fair market value as of January 1, 2023. Rowan County’s last revaluation took place on January 1, 2023. The next revaluation will take place on January 1, 2027. In every community, property values increase or decrease at different rates over time. Revaluation is a data-driven process that updates the market value of all residential and commercial properties in the county.
Appeals
If you disagree with your assessed value, you must complete the 2023 Revaluation Informal Appeal Form (PDF) and return it with supporting documentation. An appeal of property value may result in the assessment being unchanged, reduced, or increased in value.
The deadline to appeal has been extended to Friday, April 14, 2023.
COMPER is a new online tool that allows property owners in Rowan County to view valid sales used by the Rowan County Tax Office to help establish the current market value of properties in the 2023 revaluation cycle.
When using COMPER, enter your property address to receive a list and a map indicating all valid property sales between January 1, 2019 and December 31, 2022 within a five-mile radius of your property.
From the list, you can select specific valid sales, similar to your home and turn them into a report that can be printed or saved as a PDF. The Google-based map can be used to see the location and a 360-degree street view of each comparable property.
Real Property
Real property is defined by the North Carolina Department of Revenue as "a patch of earth, along with everything below it and all the air above it, plus improvements or anything permanently affixed to it."
View Real and Personal Property Appraisal Tax Administration (PDF) used to train Rowan County Assessor's Office staff. This is a comprehensive course explaining the methodology used to appraise both real and personal property across North Carolina. Rowan County uses these methods and follows the same statutes as all other counties in North Carolina.
What Revaluation Is
Revaluation (or "reappraisal") is the process of updating Rowan County's real property values to reflect fair market value as of January 1, 2023. In every community, property values increase or decrease at different rates over time. Revaluation is a data-driven process that updates the market value of all residential and commercial properties in the county.
What Revaluation Is Not
Revaluation does not set tax rates. Property tax rates are determined by the Board of Commissioners during the county’s annual budget cycle. Revaluation does not create property values. Property values are determined by the real estate market through the buying and selling of property from the last revaluation to the current.
Why It Happens
Revaluation resets property values to their current market value so that the property tax burden is spread fairly among all taxpayers. Counties are required by state law to conduct revaluations.
How It Happens
Revaluation is a countywide process. County tax appraisers work to:
- Verify the accuracy of characteristics on record for the property. Some of these characteristics include square footage, bedroom and bathroom count, condition of structure and exterior walls.
- Research and analyze the sale of properties with similar locations, qualities and conditions.
- Evaluate all the data to determine the current market value.
As part of the process, appraisers review current information on record and then visit properties to verify accuracy. The appraiser may or may not actually drive onto a property or come to your door, depending upon whether he or she sees a discrepancy in current listing data. When the entire revaluation process is completed, all property owners receive a notice in the mail informing them of the new tax valuation of their property.
When It Happens
North Carolina General Statute §105-286 requires a county to reappraise all real property values at least once every eight years. Rowan County, like many other counties, conducts a revaluation every four years. A four-year revaluation cycle helps lessen "sticker shock" by balancing fluctuations in market value that tend to accompany longer periods between revaluations. The last revaluation was conducted in 2019.
In a revaluation cycle, the County's revaluation team gathers and reviews data until the end of December. Values are effective on January 1 of the following year. Values determined by the current revaluation are effective as of January 1, 2023, and notices have been mailed to property owners. Based on the County’s four-year cycle, the next revaluation is scheduled for January 2027.
Property Tax Relief Programs
North Carolina offers three Property Tax Relief Programs:
- Elderly or Disabled Homestead Exclusion
- Disabled Veteran Homestead Exclusion
- Circuit Breaker Homestead Tax Deferment Program.
View the Exemptions page for more details.
More Information
For additional information on Rowan County's conducting of the 2023 revaluation, please feel free to view Rowan County 2023 Revaluation (PDF) or contact the Rowan County Tax Assessor's office at (704) 216-8586.
The recent real estate market has caused housing and land values to increase substantially across the region. In Rowan County, real estate valuations have increased by an average of 44.96% since the last valuation period, which ended December 31, 2018. Here are some facts about Rowan County’s recent property revaluation.
Last year’s budget was based on a total taxable property value of $14.4 billion. That figure includes following categories:
- Real Property (Real Estate) - $10.7 billion
- Personal Property (Boats, RV’s, Mobile Homes, Business Property) - $1.6 billion
- Public Utilities (Example: Duke Energy) - $881 million
- Vehicles - $1.55 billion
- Less Adjustments (Appeals, Collection Rate, Exemptions) - $292 million
Market Values
During any revaluation process, real property values could move up or down based on market values. Market values are calculated using the actual sales data of all properties sold during the preceding four-year period. However, the other categories (personal property, public utilities, vehicles, etc.) typically depreciate over time and their taxable values are reduced.
Using the required data between January 1, 2019 through December 31, 2022, almost 12,000 residential property and 700 business property sales were used to calculate the “real property” revaluation. These are the revaluation figures for all categories:
- Real Property (Real Estate) - $15.5 billion
- Personal Property (Boats, RV’s, Mobile Homes, Business Property) - $1.5 billion
- Public Utilities (Example: Duke Energy) - $837 million
- Vehicles - $1.53 billion
- Less Adjustments (Estimated) - $831 million
Based on the revaluation results, the 2023-24 budget is projected to be based on a total estimated taxable property value of $18.5 billion. While real property values increased by 44.96 percent, all remaining taxable property fell by $683 million, or 18.5%, creating a total estimated tax base increase of $4.1 billion, or 28.5%.
Last year’s $14.4 billion dollar tax base will generate approximately $95 million in revenue for Rowan County during the 2022-2023 fiscal year, ending June 30, 2023. If the current tax rate remains unchanged, the estimated $18.5 billion tax base would generate approximately $122 million for the 2023-2024 fiscal year, beginning July 1, 2023.
The law requires that the Rowan County Manager calculate the “Revenue Neutral Tax Rate” and report that rate to the Board of Commissioners. The Rowan County Commissioners will have the opportunity to reduce the tax rate to lessen the results of the increases in real property values. The new tax rate will apply to all taxable items.
The revaluation process is an equalization process required by NC General Statute. This process is completed every four years. The property owner has the right to appeal their value if they have a valid reason to believe the new value is incorrect. The first step in the appeal process is to complete the form at the bottom of the revaluation notice and return it. The form can also be completed online on the County’s website. The Board of Commissioners has extended the 15-day appeal period to April 14, 2023.
2023 Schedule of Values
The Schedule of Values is the set of rules and standards used by the Rowan County Tax Assessor's office to ascertain the assessed valuation of real property throughout the county. The Schedule of Values is formally presented to the County Board of Commissioners for approval prior to each real property revaluation.
For those who would like to look over the county's proposed Schedule of Values as part of the 2023 Revaluation process, a hard-copy is available to view in the Rowan County Tax Assessor's Office or it can be viewed online: