Revaluation is the process of appraising all properties in Cumberland County to ensure fair and accurate tax assessments using adopted schedules and standards. This process helps to reflect any changes in property values since the last revaluation, maintaining equity among properties.
Cumberland County has completed its 2025 Revaluation and real property tax assessments are updated to reflect current market value. The last revaluation was January 1, 2017. North Carolina law mandates that counties must carry out a property revaluation at least once every eight years.
Key Points:
- Market Value: Properties are valued based on their market value, which is determined by what they would sell for between a willing buyer and seller.
- Equity: The objective is to assess properties in a fair and consistent manner, without the intention of increasing or decreasing taxes.
- Schedule of Values: The Schedule of Values for 2025, which outlines the process for assessment of properties, has been finalized and is now available for review.
- Tax Assessments: After the 2025 revaluation, tax assessments will be based on the new market values.
Any county may conduct a reappraisal of real property earlier than the required octennial (8-year) plan if the board of county commissioners adopts a resolution stating the new reappraisal year and then forwards a copy of the resolution to the Department of Revenue.
All real property must be reappraised in accordance with the provisions of G.S. 105-283 and 105-317.
G.S. 105-283 states that all real and personal property shall as far as practicable be appraised or valued at its true value in money. True value is interpreted as market value. Market value is defined as "the price estimated in terms of money at which the property would change hands between a willing and financially able buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of all the uses to which the property is adapted and for which it is capable of being used. Market value is not necessarily the price for which a realtor may list the property, nor is it the price for which a father may sell his son a piece of land. Market value is generally determined from sales between unrelated and unbiased parties. This is known as an "arms- length" transaction.
The primary goal of a general reappraisal is to be equitable. This means to fairly, equally and uniformly appraise property at its true value in money (market value). It is not the purpose of a reappraisal to increase revenues or to provide tax breaks. Since ad valorem taxes (property taxes) are based on value, it is important that all property be valued periodically on a uniform basis. Since market value appraisals are the foundation for assessments, equalized values create equalized and uniform taxes.
North Carolina statutes require that the proposed schedules, standards and rules that will be used in appraising real property be submitted to the Board of County Commissioners and made available for public inspection. The full process for the review, adoption, and finalizing of the Cumberland County 2025 Schedule of Values has been completed.
2025 Revaluation Materials