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Depending on where you do business in North Carolina, your property can be reassessed every four, five, six, seven or eight years. Lawmakers are debating whether to require a standard revaluation schedule statewide.

Revals Every Four Years?

Senate Bill 1309 requires all counties to conduct revaluations at least once very four years. The quadrennial plan was approved by the Senate and could pass the House this spring.

Sponsors say more frequent reassessments are an issue of fairness and preclude huge increases when tax assessments don’t keep pace with market values.
 

Wake County Considers Change

Even before the legislation passes, Wake County Commissioners may shorten their revaluation period from eight to four years.

This comes in reaction to the 2008 reval, which resulted in an average 43% increase. Some property values jumped as much
as 300%.

The Downside
 

The downside of more frequent revaluations to counties is the added cost. Wake County officials estimate they would need to spend an extra $1 million a year.

There’s also a possible downside for property owners. While some taxpayers could avoid sticker shock if revaluations happened more often, they’d likely face higher tax bills sooner than they would have by waiting for the eight-year cycle.