The Moore County Board of Commissioners heard a report from The Moore County Board of Equalization and Review Tuesday, which completed their annual review of property tax appeals.
The Board of Equalization and Review was chaired by Commissioner Jerry Daeke and met over several months.
North Carolina State law requires counties to do a reappraisal of property values at least every eight years. Moore County’s last revaluation was this year, and the next is scheduled for 2023.
There are a total of 71,863 parcels in Moore County. Of that total, 1,120 were reviewed by the board. 887 parcels decreased in value, and 50 parcels increased in value. One hundred ninety-five parcels had no change in value.
The total value of the properties reviewed equaled $76,902,230 before the review. The value of the real property decreased by 11.02 percent, resulting in a saving to Moore County taxpayers of $8,477,126.
Additionally, the board received and reviewed 56 personal property appeals. This includes automobiles and recreational vehicles, which had a pre-review value of $167,792. After review, the appraisal value dropped by almost 80 percent to $33,450.
According to the Moore County website, “The purpose of a revaluation is to equalize values for all real property. To do this, all real property values are determined based on market values for the year in which a revaluation is effective. Recorded property sales are reviewed and analyzed for all neighborhoods throughout the County to determine market values and adjustments are made to the recorded sales to determine values for surrounding properties. In determining values, the three recognized approaches to value are used: Cost, Sales Comparison (Market), and Income.”
The appeals for 2019 are closed, and the appeals process for 2020 will commence in January 2020.
~Written by Sandhills Sentinel Local News/Government Reporter Chris Prentice.
Contact him at email@example.com or (910) 639-9303.