Property Assessment Insights: Navigating the Changing Landscape
By Shaunna Overman
Starting the year with soaring property values in North Carolina has been an eye-opener. Counties in the state are required to reassess property values every eight years, but many opt for a four-year cycle, with occasional state-imposed reassessments. When the reassessed tax values were released in Rockingham County earlier this year, the community was in an uproar. As a real estate professional, I knew some of these values reflected current market trends, while others were grossly inflated. My personal experience, coupled with the need to support my community, drove me to take action.
Understanding Property Assessments
When my own property value came back $200,000 over the current market value, I knew something was amiss. This discrepancy wasn’t just a minor error—it had significant financial implications. Social media was flooded with frantic posts from neighbors facing similar issues. Ignoring these changes can lead to unexpected expenses and missed opportunities, emphasizing the importance of staying informed.
The Need for Timely Action
Property assessments can change rapidly due to market fluctuations, impacting your financial planning. By staying on top of these changes, you can budget appropriately and explore options like refinancing. For instance, a homeowner might find their property value increased due to rising market prices, leading to higher property taxes. Proactively managing these changes allows for better financial planning and potential cost savings.
Strategic Use of Property Assessments
Understanding property assessments can also be a strategic tool for investors. Increased assessments can justify higher asking prices when selling, while lower assessments can be used to negotiate better deals when buying. Savvy investors might identify up-and-coming neighborhoods through assessment trends, enabling them to invest before property prices surge, thereby maximizing returns.
The Impact of Accurate Property Assessments
Over the past few months, I assisted numerous individuals in appealing their inflated property values. Many were facing valuations that were tens of thousands of dollars above the actual market value. By providing the necessary evidence, we successfully appealed and had these assessments corrected. This wasn’t just about saving money on taxes; it was about ensuring fairness and accuracy in property valuations. Some residents saw reductions of $10,000 to $60,000, while others, like myself, had reductions exceeding $100,000. This is equivalent to an entire additional average home's worth of tax value.
Why Your Real Estate Agent Should Be Your First Call
Navigating the property assessment process can be daunting, but having a knowledgeable real estate agent by your side can make all the difference. They can help interpret assessment changes, provide market insights, and guide you through an appeals process if necessary. At The Overman Group, we provide annual market value updates to our clients, helping them stay informed and proactive about their property values. This personalized approach, compared to generic online estimates, ensures accuracy and relevance.
Property assessments play a crucial role in your financial planning as a homeowner or investor. Staying informed and proactive can help you navigate these changes effectively. Whether it’s understanding the implications of assessment changes, leveraging insights for strategic investments, or ensuring accurate valuations through appeals, being informed is key. At The Overman Group, we’re committed to supporting our community and ensuring fair property valuations. Contact us today for expert guidance and support in managing your property assessments.
We are here to help you every step of the way.