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County tax office details reappraisal schedule after strong residential price gains since 2019

Durham County Board of Commissioners · September 3, 2024
AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.

Summary

Tax staff reported sharp residential sale-price increases since the last county reappraisal (2019), presented sample sales showing double-digit percent gains, and set a timeline: publish schedule-of-values in October, mail change-of-value notices in late February, open appeals in March and convene the Board of Equalization in May.

Tax administration staff told the Board that sales data show substantial residential price gains since the county's last full reappraisal in 2019 and explained how the county will translate recent market activity into a new schedule of values and a public appeals timetable.

"These sales are real numbers," the tax administrator said while showing 2018-to-2024 examples where sale prices rose 60% to 136% in some neighborhoods. Staff emphasized the difference between residential market movement and commercial market dynamics — noting commercial income, vacancy rates and interest rates can change valuations differently than single-family resale markets.

Tax staff laid out the reappraisal calendar: staff will present a draft schedule of values to the board in October and make it available for public inspection; late-February is the target for mailing change-of-value notices; the county will open an online appeals module in March and convene the Board of Equalization and Review in May, with hearings expected to continue into June. Staff said they will hold outreach sessions at libraries and by appointment to help taxpayers review their proposed new values.