Revaluation Calculates Good, Bad News For ENC Homeowners

By: April Davis/ Lindsey Fry
By: April Davis/ Lindsey Fry

Homeowners in several counties in the east are getting notice of new property values and for some there's bad news. After this year's property revaluation in Pitt County, many homeowners are finding out their house is not worth what it used to be.

On top of having their home values decreased, Pitt County officials say certain areas, could see an increase in their property taxes. Pitt County Manager Scott Elliot says this year's 6% decrease in property value is a direct result of the recession, but he argues that when it comes to a decrease in property value, Greenville is not being hit as hard as other parts of the state.

"You are seeing other areas in North Carolina, other areas of the country, going down 30%, 40%, so I think on average our property value in Pitt County--if you are in that 6-8% decrease, we have a lot to be thankful for," said Elliot

Elliot says the decision on whether to raise property taxes in Pitt county will be decided in May.

The value of property in another another eastern carolina county has increased considerably.

Pamlico County Manager Tim Buck says property values increased in the county by 20 -25%, but about 10% of the homes in the county saw storm damage from Hurricane Irene, and some of those homes may see a drop in value. Buck says it is too early to tell whether they will lower taxes to offset the difference.

All counties in North Carolina do property revaluations every 8 years, but Pitt County does revaluations every 4 years.

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  • by Southern Pitt County on Mar 7, 2012 at 08:33 AM
    I cannot believe that the average change referenced in this article is 6-8%!!! My tax value went down by 21% and I have improved my home by major renovations over the last 2 years! I plan on selling it over the next couple years so I hope the buyers look at the appraised value rather than the tax value...
    • reply
      by Anon. on Mar 7, 2012 at 02:47 PM in reply to Southern Pitt County
      Good news - you will be paying less taxes (assuming the County commissioners don't raise the tax rate to compensate for lower valuations)! True - the value of houses has gone down quite a bit over the past couple of years, but this is because the market has tanked, and not because the tax assessor says your house is worth less. The tax assessor is just going off of what similar sized homes have sold for recently. The tax assessor does not go into your house to look at your renovations, what condition your house is in, etc., so they really don't know. Be thankful your assessment is low. An appraiser and the current market will determine what your house is worth when the time comes for you to move, whether that is 2 weeks from now or two years from now.
  • by Question? on Mar 6, 2012 at 08:32 AM
    Why not collect from those who have not paid their taxes in years before going up on the ones who will pay? I know we are in tough times but I do without in order to pay my bills. How can those that don't pay keep on getting by?
    • reply
      by Anonymous on Mar 6, 2012 at 04:20 PM in reply to Question?
      They dont just get by with it, once again people, please think before you type, PLEEEEZZ
  • by Juggernaut Location: Greenville on Mar 6, 2012 at 05:47 AM
    Here are the facts. Most counties have gone to a four year reval. (One county has gone to two year revals.) Revals are not to generate income for the county, but to spread the tax burden according to changes in the market. The goal is to get the tax value up to market at the time of the revaluation. And is only at market that one time in four years. Utility companies are given tax breaks if a county's ratio between its assessed values and sale prices grow too far apart. This is why it is better for a county to do a four year reval than to wait and do it every eight.
  • by Obama Snake Oil Co Location: Washington on Mar 6, 2012 at 05:07 AM
    Well, Beaufort Co was no better. After I refinanced a few years ago, last year they assessed my value of my house at 250% more than it was assessed came the tax bill, also 250% higher than the previous year. Now that is hope and change you can believe in. I protested it, but only got a smigen reduction. Of course Mr Hopey was not going to raise taxes on the middle class either. So with gas prices, property tax, food shooting up....I have no sympathy for government right now.
  • by ace Location: j ville on Mar 6, 2012 at 05:07 AM
    You can bet that if the property tax values go down and the money collected goes down taxes in another area will go up. The government does not stop spending is there is no money. They just raise or create more taxes.
    • reply
      by Pitt County on Mar 6, 2012 at 08:04 AM in reply to ace
      Here in Pitt County the values of "starter" homes have gone UP, while the bigger, newer ones have gone down. Guess the ones who have less, will pay the difference for those who have more. Just another example of the little guy getting screwed.
      • reply
        by Anonymous on Mar 6, 2012 at 04:19 PM in reply to Pitt County
        whats screwed up is your logic, large house have gone down (harder to sell) while smaller houses (easier to sell) have gone up, people please think before you type...GEEEZZZ
  • by Anonymous on Mar 6, 2012 at 02:43 AM
    Do not move to tyrrell county.We have the highest property taxes per median income in the United States...3145 counties.I do not understand it.They aint a dang blame thing here but poverty.
    • reply
      by Back on Mar 6, 2012 at 04:03 AM in reply to
      Its just like Washington County; its not ' what is there'; its 'who's' living there; MANY people that don't work but the county bills still have to be paid. Once again, the middle class is paying for it all.
      • reply
        by Anonymous on Mar 6, 2012 at 05:48 AM in reply to Back
        Oh I understand when you got people in the democrat government in charge here giving theirselfs rediculous raises.We got people in the court house here making $30K more than what they are worth just to shuffle a little bit of paper around and play on their computer all day.These democrats here are thiefs and should be locked up.I guess thats every where though.
  • by Devil Dog Location: Greenville on Mar 6, 2012 at 01:48 AM
    homeowners comment is absolutely correct.
  • by homeowner Location: enc on Mar 5, 2012 at 07:23 PM
    This story I think is confusing people. Tax assessor valuations don't have anything to do with the true value of your home, or what it will sell for. The housing market changes constantly and an appraisal and what someone is willing to pay determine the value, not a months/year old tax valuation by someone that only drives by your house at the least. You should want your tax valuation to be as low as possible.

    The spin WITN put on this story is confusing viewers. It is true that the housing market has tanked, which is not good for homeowners, but a higher valuation from the tax assessor will not make your home worth more (nor will a lower valuation make it worth less). Do your research online about assessed tax values and appraised and you will realize you want the assessed value as low as possible.
    • reply
      by Pitt County on Mar 6, 2012 at 08:06 AM in reply to homeowner
      EXACTLY!! My new value is 14% percent higher than last year, while the house behind me that's newer and BIGGER went down considerably. Bottom line, my taxes are going UP while his are going DOWN.
      • reply
        by Anonymous on Mar 6, 2012 at 04:15 PM in reply to Pitt County
        his may have been too high in the first place and yours might have been too low...look at the whole story first
  • by ralphie Location: ahoskie on Mar 5, 2012 at 06:28 PM
    as long as the public servants make sure that the tax bill itself, what ever rate they settle on, is smaller or equal to previous one. Way preferable is smaller, since we are being nailed by the evil pig democrats.
  • by jimmy Location: g'ville on Mar 5, 2012 at 06:25 PM
    my house went up 15%, go figure
    • reply
      by Anonymous on Mar 6, 2012 at 04:46 AM in reply to jimmy
      Do you live near the location of the new Walmart? I do and mine went up as well. I guess they want to get every penny from me before my property value plummets. Thanks again city council for your great leadership.
      • reply
        by cj on Mar 6, 2012 at 08:25 AM in reply to
        i live near the new walmart site and my home's value also went up about 15%. amazing, in times of recession, when market values plummet, tax value increases. total BS
      • reply
        by jimmy on Mar 6, 2012 at 11:44 AM in reply to
        i thought wal-mart was supposed to be a bad thing?
        • reply
          by Anonymous on Mar 6, 2012 at 05:27 PM in reply to jimmy
          It will be. The idea is to get a higher value before it comes.
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