Commissioners expected to put off tax reval

By: Sharon McBrayer | Morganton News Herald
Published: March 16, 2010

Morganton --

Going ahead with a scheduled property revaluation in 2011 could cost the county $500 million in its tax base.
To avoid that, Burke County commissioners are expected to delay the revaluation for two years, says Commissioner Chair Bruce Hawkins.
Commissioners will vote on the issue at their regular meeting at 6 p.m. tonight at the Burke County Services Building at 110 N. Green St.
Property taxes, now set at 52 cents per $100 of property value, are the county's main source of revenue and with home values down, commissioners fear the loss in revenue.
A property revaluation is conducted to determine market value on real property and that everyone pays their fair share of property taxes.
County Tax Administrator Danny Isenhour said since 2007, the last revaluation, the tax value and the market value have been close to the same amount.
For instance if you have a home valued at $100,000 and put it up for sale, the market value would likely be $100,000.
In years past the market value has been 10 to 15 percent higher than the tax value, meaning that same home with a tax value of $100,000 would have a market value of between $110,00 and $115,000.
In previous reports, Isenhour said this is the first time in memory that property values in the county have de-creased. Tax administrators in other counties told him they are seeing the same thing happen.
Isenhour said in January the total current value on all taxable real property in Burke County is at $6.6 billion. He estimated that the value for taxable property for 2011 will be $6.1 billion if the county goes ahead with the revaluation.
To make up the difference, commissioners would have to consider raising taxes.
One thing is certain, Hawkins said, now is not the time to do that.
Which is why the county manager is expected to recommend delaying the revaluation until 2013, according to information from the county.
In 2001, commissioners voted to conduct revaluations every four years in the county. A resolution that commissioners will decide on tonight says after the 2013 revaluation, the county will go back to a four-year cycle.
Counties are required to hold a revaluation at least every eight years, according to state general statutes.
In other business tonight, commissioners are expected to appoint eight people from the community to a committee to study off highway vehicle uses
They also will look at decreasing the number of furlough days county employees will have to take between now and the end of June.

Commissioners expected to put off tax reval

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