Property Reappraisal

Requirements
North Carolina General Statutes require that all counties conduct a reappraisal of real property at least every 8 years. Due to the rapid changes taking place in the local real estate market, the Iredell County Board of Commissioners has elected to authorize reappraisals every 4 years. More frequent reappraisals reduce the amount of inequity which may occur due to certain areas and property types increasing in value faster than others.

Iredell County’s most recent reappraisal became effective on January 1, 2015; the next scheduled revaluation is January 1, 2019. During the reappraisal process the Appraisal Department develops a uniform schedule of values by analyzing cost data, sales data and income data. Following a public hearing, the Iredell County Board of Commissioners will vote on the approval of the Schedule of Values. The purpose of the uniform schedule of values is to insure equity in valuations.

Neighborhoods
The Appraisal Department has divided the county into appraisal neighborhoods (PDF). Properties within each of these neighborhoods share many common characteristics and are affected by similar influences. During the reappraisal process the appraisal staff reviews all recent sales of real property within each neighborhood and applies adjustments to bring each property in line with its current market value. As a result of reappraisal, property values change accordingly to reflect the market trends within their neighborhood and property type.

Analyzing
It would be simple for the Appraisal Department to appraise all recent sales at their sales price. This would not be equitable or accurate because not all sales are "arm’s-length" transactions. Sales between family members, related corporations, sales that are gifts, or sales involving trades do not always reflect market value.

The needs and compulsions of the buyers and sellers may also influence sales prices. For example, a property may sell for less than market value if the seller is under duress to sell due to financial difficulties or relocation. A property may sell for higher than market value because an organization negotiates a price for property not currently being marketed or a person moves from an area of higher prices and buys without fully investigating the market. By analyzing all available sales the Appraisal Department can allow for unusual circumstances. The application of a schedule of values will not exactly match every sales price; however, it will insure similar properties are assessed equitably.

More Information
To learn more about the process, please view the Reappraisal Brochure (PDF).