We are having an issue with property taxes in my home County in the southern United States. Counties in North Carolina are required to reassess the value of the land and buildings every six years by North Carolina Statute. My County has had an explosion of development over the past decade, transforming it from a substantially rural area to a bedroom community for a neighboring County.
When reevaluations were mailed out at the beginning of the month people went ballistic. The market value has increased substantially over the past 6-years (since the last reassessment) and many people are furious. We have a lot of people who have lived here for 6+ generations, and their homes aren't investments to them but places they never intend to leave.
The County Commissioners will vote to set the tax rate in June of this year. The rates will be reduced substantially to attempt to negate the impact of increased valuation. The County isn't seeking, nor does it need substantially increased tax revenue from the collection of property taxes. Some areas will definitely be impacted though as they became very sought after, and their valuation rose faster than in other areas.
!PIZZA