The Buncombe County tax assessor has mailed out notices to all property owners, letting them know the new value assigned to their property. This is the first time in eight years – and the first time since the Great Recession – that Buncombe County has assigned new values to local property.
As usual, it will be a mixed bag. Some property values go up. Others go down. I’ve heard secondhand that downtown property owners are going to see some values increase sharply. Meantime, some other property owners will see a decrease in values.
Asheville Citizen-Times reporter Mark Barrett writes:
Preliminary numbers from the county’s new property tax revaluation show real estate values in rural Buncombe County and its small towns have fallen — including big drops in exclusive neighborhoods.
The total value of property in Biltmore Forest fell 16.3 percent from 2012 to this year and 36 percent in Avery’s Creek, an area that includes the upscale golf course community of Cliffs at Walnut Cove.
The total value of all property in Buncombe County fell by 2.4 percent during that same period, reflecting a decline in the value of existing property and a slow pace of construction and development.
The overall decline and the sharp drop in areas like Biltmore Forest set up what could be a tough choice for Buncombe County commissioners, who will either have to cut spending or raise the property tax rate to balance the budget. Or they might have to do both.
Have you seen your new property values yet? Tell us.
I live in S AVL. Our value went up $25K, a 12% increase. We refi’d in Dec 2012. The appraisal value was way below that tax amount! We had to appeal the bank to get value up and it is still $10K less than what AVL plans to tax my property! The house is newly renovated on a small lot, so that difference isn’t a ‘tear-down’ situation on a prime lot.
Mine went up 60 thousand dollars. I argued the value 2 years ago when I moved in and got it reduced 60 thousand… so basically they put the value right back. My neighbor’s house went up over 150 thousand. It’s going to be hard to pay the mortgage now. I’m going to have to try to refinance my house to bring the mortgage payment down.
If you can save $ from refinancing, you should do it anyway.
Commercial up, especially downtown. Residential generally down.
We live just north of downtown (near 5 Points on Broadway) and our home increased 15%, and the empty lot next door that we own increased 40%… Ugh, hello tax season!
The value of our house in West Asheville dropped $50,000 but the land value increased $15,000, resulting in a 15% decrease in overall value.
My tax value came in the mail yesterday and the value of my property decreased. My wife is concerned that this decrease will hurt the actual appraised value of our property and home. Will this property tax decrease affect the selling price of my home?
In theory, no. Your market value of your house is independent of the tax value, though a potential buyer might use it for negotiating purposes.
Myself, I plan on staying in my house until I’m old and gray. The only consequence of the reduction in the tax value is a nice dent in my property taxes I pay each month with my mortgage.
We live in a modest house on a good sized lot in the city limits of Avl and our value dropped about 2-3%.
My property value went up 6,000 in 2011 and another 16,300 this year. Definitely not the first time values have been adjusted in 8 years, and I find it amazing the county says my property value has increased but the market says it has dropped about 60,000.
Just curious, Chris. That is a rather drastic increase. Can homeowners protest their assessed value?
Yes – homeowners can protest their assessed value. Information on how to do that comes with your new assessment. We received our’s yesterday and the assessed value of our property decreased by 2%