Polk tax base rises 34.6 percent following revaluation

Published 4:14 pm Thursday, March 19, 2009

Property values increased slightly more in the 2009 revaluation than in the previous revaluation in 2001, which raised the average property value approximately 30 percent&bsp; from the previous revaluation.

Polk County now has more than $2.4 billion in total tax value of property, an increase of more than $620 million over 2008 values.

Much of the increase was seen in new lots and new structures. More than $415 million of the total $620 million increase came from structures and new lots developed in the past five years. Figures for new lots and structures from 2001 to 2004 were not available. Of that $415 million increase over the last five years, $213 million was in land value and $181 came from improvements and homes constructed.

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White Oak Township saw the largest percentage of value increase at 48.91 percent overall, with the Coopers Gap Township close behind at 48.69 percent. Also averaging&bsp; a higher percentage increase than Polk County overall are properties in Saluda Township, outside Saluda city limits (44.92 percent value increase) and inside city limits (34.88 percent value increase).

The townships with the lowest increases are Green Creek (32.42 percent), Columbus-outside (31 percent), Tryon-inside (24.94 percent) and Tryon-outside (23.65 percent).

White Oak and Coopers Gap townships likely saw the largest increases because of the many new subdivisions being developed in the area over the last eight years.

North Carolina requires revaluations of property to be done at least once every eight years. The primary purpose of a revaluation is to provide equalization among all classes of property. Revaluations are not done to increase revenues of local governments but to ensure that appraised values are synchronized with market values. The values going out this week should reflect market value as of Jan. 1, 2009.

Property owners who believe the value of their property shown on the reappraisal notice is in excess of market value and who have evidence to support their belief have a number of options to appeal the value.

Informal appeals can be requested following the procedures given on the notice.&bsp; Property owners who do not agree with the value determined after the informal review can request a formal appeal with the Polk County Board of Equalization and Review. The Polk E&R board is scheduled to begin in May and end in early summer.

Property owners who still don&squo;t agree with the Polk E&R board&squo;s review can take their case to the N.C. Property Tax Commission and finally to the N.C. Court of Appeals.