Iredell County moves toward 2027 property reappraisal

Iredell County is moving closer to completing its 2027 property reappraisal, with the Board of Commissioners expected to consider the County’s proposed Schedule of Values, Standards and Rules during its Oct. 6 meeting.

The schedule is a key part of the County’s reappraisal process because it establishes the methods and standards used to determine the value of real property.

Tax Assessor Andy Alexander said the County is currently in the final stages of the reappraisal.

“We are verifying all new sales data as it comes in and rechecking the sales ratios of each neighborhood to see if there are any minor changes that need to be made, up or down,” Alexander said.

The new property values will become effective Jan. 1, 2027.

Iredell County currently has just over 110,000 parcels, and every parcel is reviewed during the reappraisal process.

What is the Schedule of Values?
The Uniform Schedule of Values, Standards and Rules serves as the County’s appraisal manual.

According to Alexander, it describes how real property is to be appraised and details the methodology used to determine both the property's true value and its present-use value.

The document is intended to provide enough detail for those conducting appraisals to consistently apply the County's standards when determining property values.

The Board of Commissioners is scheduled to hold a public hearing on the proposed schedule Oct. 6.

During the hearing, commissioners and members of the public will have an opportunity to ask questions about the proposed standards for market value and present-use value.

The board is expected to vote on whether to adopt the schedule at that meeting.

Why is the County reappraising property?
North Carolina law requires counties to conduct a reappraisal of real property at least once every eight years. Iredell County operates on a four-year reappraisal cycle.

The purpose is to bring assessed values into line with current market values and maintain equity among property owners.

Property values can change at different rates depending on location and property type. Over time, that can result in some properties being assessed below their market value while others are assessed above it.

“As of the effective date of the reappraisal, all assessed values must reflect 100% of market value,” Alexander said.

The 2027 process is identical to Iredell County’s 2023 reappraisal, he shared.

What does the reappraisal mean for property owners?
The new assessed value of a property will be used in determining its property tax bill.

But a change in assessed value does not, by itself, determine how much a property owner will pay in taxes. The final bill also depends on the tax rate or rates that apply to the property and any applicable fees.

Alexander illustrated the distinction using a hypothetical $200,000 home outside Iredell County’s municipal limits.

• Using the 2026 tax rates, the County and all-county fire tax rate would total 59 cents per $100 of assessed value.
• For a $200,000 property, that would result in $1,180 in those taxes. Adding the $64 solid waste fee would produce a total of $1,244.
• If the same property were reassessed at $210,000 and the 2026 tax rates remained unchanged, the calculation would produce $1,239 in county and fire taxes. With the $64 solid waste fee, the total would be $1,303.

That example represents a $59 difference, but Alexander emphasized that the calculation assumes the 2026 tax rates remain unchanged.

Tax rates can change from year to year and can have an impact on the final tax bill independent of the property's assessed value.

When will property owners see their new values?
The new assessed values will become effective Jan. 1, 2027.

The County anticipates sending notices to property owners showing their new values during the second week of February.

Until then, County staff will continue reviewing sales data and neighborhood sales ratios as they complete the reappraisal.

 Additional information can be found at https://iredellcountync.gov/390/County-Assessor-Division, including timelines, proposed schedule of values, reappraisal information and more. 

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