WINSTON-SALEM, N.C.— Forsyth County homeowners can expect changes in the value of their property and perhaps their tax bill as the county begins it’s revaluation process.
Properties are revalued every 4 years in Forsyth County and new property values will come out in February.
In the meantime, homeowners are getting their tax listing letters which show property values as “pending”.
Those listing letters still need to be signed and returned as they are meant solely to make sure county tax records are correct.
A team of 20 county appraisers, meanwhile, are working to revalue property so the property owner is paying taxes based on the true market value says Forsyth County Tax Collector John Burgiss.
“We look at homes similar in size, shape, condition, and geography to your home and look to see what those properties sold for,” says Burgiss.
The value of your home determines how much property tax you’ll pay and in most years property values tend to go up, but some speculate with the weak economy and sluggish home sales and pricing that could change.
Forsyth County homeowner Jill Roberts says, “it’s probably going to go down because of the housing industry.”
Forsyth County leaders did talk about that possibility in 2012 during budget preparations, noting if property values drop so will county revenues.
Leaders would then have to find ways to make up the difference.
Many like Susan Yount fears that could mean a rise in tax rates, “they will have to look for ways to get that revenue from some other source versus property tax.”
Homeowners will get their new valuation in late February and can appeal the value with forms included in that notice.