Why appraise at market value?

North Carolina General Statute 105 - 283 requires counties to assess all property, both real and personal property, at its true value in money. True value shall be interpreted as meaning market value. NCGS 105 - 284 establishes a uniform assessment standard. This standard in effect penalizes counties if they are not assessing property at market value as of the date of last revaluation.

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1. How will the pandemic affect the tax value of my home for 2021?
2. How will my 2021 tax bill be affected by the Revaluation, and specifically during the pandemic?
3. What is a Revaluation?
4. Why have a revaluation?
5. Will all property values change during a revaluation?
6. Why appraise at market value?
7. When does the revaluation take effect?
8. Who will do the work of reviewing properties for the revaluation?
9. When can I find out my new tax assessment?
10. Will my taxes change as a result of revaluation?
11. How are market values determined?
12. What if I disagree with my new tax assessment?