With revaluation notices currently being sent to Polk County residents, Polk County Local Government has provided an overview of the revaluation process for local property owners.
Revaluation is a process where all property, land and buildings, are revalued to their current market value as of an established date, which for Polk County is January 1, 2021.
The State of North Carolina Machinery Act requires that properties are reappraised at least every eight years, though more frequent reappraisals may be conducted at the discretion of the Board of Commissioners. Polk County conducts reappraisals every four years, with the most recent revaluation taking place in 2017.
It’s important to note that revaluation and taxation are separate. Revaluation sets the market value of a piece of property. The taxation rate is determined by the Polk County Board of Commissioners and local cities and towns. The value of a piece of property combined with the tax rate will ultimately determine the property tax bill.
The revaluation process is not designed to increase revenues or provide tax breaks, but to fairly and uniformly appraise real property at its true value. The process ensures that each taxpayer pays only his or her fair share of taxes.
Since the last revaluation, the average sale price of real estate sales in Polk County has increased 37.6 percent. The average price per square foot of real estate has also grown significantly, with those factors driving an increase in value of most single family residential properties in the county.