2015 Camden County Revaluation Taking Place within Camden County Now Through January 1, 2015
What is a Revaluation?
Revaluation is the reappraisal of value of each parcel of real estate including land, buildings, and outbuildings that are located within the county.
Why have a Revaluation?
North Carolina General Statute 105.286 requires all counties to reappraise all real property at 100% of market value. Market value, as defined by North Carolina General Statutes, is the price estimated in terms of money at which the property would change hands between a willing and financially able buyer and a willing seller neither being under any compulsion to buy or sell.
What is the purpose of a Revaluation?
The purpose of the revaluation is to have each property carry its appropriate share of expenses to operate local government. Revaluations ensure that property owners bear a share of the total tax burden that is proportionate to the value of the taxable property they own.
When will the Revaluation become effective?
Camden County's last revaluation was January 1, 2007. The new revaluation will be completed for implementation January 1, 2015.
Who is conducting the Revaluation?
The new revaluation process is being conducted by Pearson's Appraisal Service.
How is the Revaluation being performed?
Pearson's Appraisal Service started the revaluation process in July 2013. They have communicated with real estate brokers, bankers, appraisers, county building inspectors, planning officials, and utility department staff gathering information. Recently they have been performing market analysis/sales studies.
Vehicles used by Pearson's Appraisal Service staff will have signs with "Camden County Revaluation" on them. Pearson's Appraisal Service staff will also be carrying ID cards when performing field work.
When field work is completed, a schedule of values will be presented to the Camden County Board of Commissioners in a timely manner for approval.
A schedule of values is a manual that contains rules, values and rates to be used in appraising real property at its true value and at its present use value based on residential and commercial sales data, construction cost and income and expense formulas that pertain to commercial property within the county.
Who do I contact if I have questions?
Pearson's Appraisal Service staff assigned to the Revaluation process have been given office space and phones at the Camden Offices. The phone number to contact Person's Appraisal Service staff is 252-331-2988.
How will my property value change?
Properties will not change uniformly throughout the county. Depending on market conditions and recent sales in your neighborhood, you assessed value may increase or decrease.
How will I be notified of any property value change(s)?
The Tax Assessor will notify taxpayers of their new property values. Notices will be mailed upon completion of revaluation. If a taxpayer has a concern with the property value, the taxpayer will have an opportunity to request an informal hearing with the county's appraisal firm prior to the Board of Equalization and Review hearings.