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2024 Tax Revaluation

2024 Tax Revaluation Process 

The purpose of a property tax revaluation is to ensure that tax values of properties accurately reflect their true market value and that all county property owners are receiving fair and equitable treatment regardless of the location or age of their property. Not all properties increase increase in value at the same rate, which is why a regular revaluation is necessary.

Granville County last completed a property revaluation in 2018 and historically the county completed this process once every eight years. The North Carolina Department of Revenue notified Granville County that tax values and sale prices were becoming increasingly disproportionate and strongly recommended that the process be moved up. Due to the unprecedented rise in property values since 2020, property owners can expect to see a dramatic increase in the assessed values of their properties.

A dramatic increase in assessed value does not mean that your property tax bill will increase. In fact, as part of the revaluation process Granville County is required to identify a “revenue-neutral tax rate.” This would be the tax rate that would allow Granville County to collect the same amount of revenue based on the new assessed value of all county properties. Some taxpayers may see a lower tax bill at the end of this process if their property valuation decreased below the county-wide average. The Board of Commissioners will ultimately decide what tax rate to levy based on the needs identified during the budget preparation process.

Timeline

February 2024: All property owners will receive their new assessed property value.

Click this image to access the comparable property sales tool

February 2024 to April 29, 2024: Appeals to the Granville Property Tax Assessor will be conducted. Utilize the Comparable Property Sales tool to compare your property to other comparable properties across the county. Download the tax appeal form here.

April 29, 2024: Board of Equalization and Review Appeals begin. If you disagree with the Tax Assessor appeal decision, you may appeal to the Board of Equalization and Review. All hearing dates will be announced soon.

April 29, 2024: Property Tax Commission Appeal process begins. If you disagree with the Board of Equalization and Review decision, you may appeal to the North Carolina Property Tax Commission. These appeals must be filed within 30 days following your hearing with the Board of Equalization and Review.

July 1, 2024: New tax rate using the updated assessed values will take effect. 

Additional Information

Press Release (January 30, 2024) – Property Owners to Receive Notices for 2024 Revaluation

Frequently Asked Questions (February 21, 2024)

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