GREENSBORO, N.C. -- Greensboro Realtor Michael Driver is receiving calls nonstop, many asking him why their property value has changed “so drastically.”
Folks are upset because a higher valuation for their home spells out higher property taxes for the homeowner. Driver says it’s a complicated equation.
“Rezoning school districts would change valuation,” Driver said while listing some factors. “Renovating and flipping the properties, turning the properties over will generate higher sales and that will change the tax base as well.”
The Guilford County tax department says a lot has changed in five years. More businesses have come to the area, new development proposals, an increase in population and nearly 20 percent more apartment complexes.
Out of the 2,800 neighborhoods the county is reappraising, 77 percent of them will see an increase in value since 2012, according to the department. You do have a right to argue your valuation.
“In certain areas where your neighborhood has improved but your particular house has not or you haven't made those kind of renovations, should your house go up in value for taxes, you can make that argument,” Driver said.
Driver also recommends staying away from what’s called “Automated Valuation Models” or websites like Zillow for this information.
“We're gonna be able to distinguish subtleties, nuances about neighborhoods, properties, what makes your house different than the nextdoor neighbors,” he said. “An automated valuation model is just gonna pull data and throw something out there.”
The county says it uses licensed appraisers and not these sites.
You can find frequently asked questions for help understanding the appraisal process here.