FORSYTH COUNTY, N.C.-- If you live in Forsyth County, chances are your property value has gone down, after the county recently reappraised property values and sent out notices to homeowners.
More than 80% of the county's homeowners saw their property value drop. In some cases, homeowners saw more than a 50% drop in their property value.
Every four years, Forsyth County reappraises properties. "How we know how to appraise properties, we look at the market between willing buyers and willing sellers. That's the standard of appraisals what properties are selling for," explains John Burgiss, Forsyth County's tax assessor.
Burgiss says during the process, evaluators aren't always aware of what's inside of homes, so homeowners can have someone come out and take a closer look at their property.
On Thursday night, more than a hundred upset homeowners packed into the First Calvary Baptist Church to express their disapproval over the reappraisals. One homeowner said her home went from $91,000 to $26,500. Another said his property dropped $35,000.
Homeowners are allowed to file an appeal. An informal appeal form was mailed out with the property value notices, is due by March 12. You can file a formal appeal by June 28.
Forsyth County is looking at a $20-$30 million dollar loss with these revaluation notices.