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Posted Thursday, October 24, 2013
Pittsboro, NC - During its Oct. 21, 2013 meeting, the Chatham County Board of Commissioners heard a report from Tax Office staff about the options for the next countywide revaluation of real property and voted to have the next revaluation effective in 2017-18, instead of 2015-16.
“The economic recovery across the area means that sale prices are moving up,” said Tax Administrator Frances Wilson. “Across all townships in the county, overall sales prices of properties today are not that far off county valuations established during the last revaluation in 2009.”
County Commissioner Chairman Walter Petty said, “While we were slated to do the revaluation in 2015-16, staff gave us a chance to review the pros and cons of various options. We have to look at the overall impact on residents and taxpayers. With that in mind, moving revaluation to 2017-18 has less negative impact on taxpayers as a whole.”
One major factor is the county tax rate, according to County Manager Charlie Horne. “While property values are catching up across the county after the recession, we would still have a revenue gap to fill and that would mostly likely require a property tax increase.”
As a second factor, the Tax Office reported that a 2015 revaluation would be on a fast track, which would require greater reliance on private contractors. The use of contractors would boost the overall cost of revaluation, estimated at $300,000 to $500,000.
“While each property is impacted differently by revaluation, we believe that overall county residents and taxpayers stand to gain more by waiting until 2017-18,” Horne said.
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