MONROE – Tax Administrator Vann Harrell said virtually every property in Union County is going to see an increase in value in 2021, given the growth of the real estate market since the last reappraisal in 2015.
Harrell’s staff is preparing for the next reappraisal cycle to begin Jan. 1, 2021. He expects residential and commercial properties to see an average increase this coming year of 23% to 27%. Rural land values could rise 25% to 30%.
The county plans to hold a public hearing for the schedule of values on Nov. 2 with commissioners adopting it on Nov. 16. Harrell described the schedule of values as the “cookbook for creating property values throughout the county.”
It’s a large document that establishes rates and procedures for every reappraisal cycle. County staff builds the document using more than 33,000 sales and regional construction cost indices.
“It is designed to capture the current value of the real estate market,” Harrell told county commissioners Oct. 19. “We do not project where we think markets are going. We look back at the sales that have occurred since the last reappraisal – particularly the last two, two-and-a-half years – and we build the schedule of values based on what the market has done.”
Assessment notices will be mailed to property owners by the end of February.
Taxpayers can appeal if they don’t agree with the reappraised value of their property. That process involves an informal review with staff. Residents still not satisfied can appeal to the Union County Board of Equalization and Review.
The deadline for appeals is projected to be May 25, 2021.
The county offers tax-relief programs that help elderly or disabled property owners as well as disabled veterans.
County Manager Mark Watson described the work of the reappraisal team as necessary and not easy work. He said lot of work was put into the process, including the procurement of tools for aerial photography to ensure accurate appraisals.