When you’re looking at real estate in Asheville, NC, your mortgage payment is only one budget issue you’ll want to think about. There’s also any repairs or renovations, your monthly utilities, commuting costs, and—most importantly—your property taxes.
How are property taxes collected in Asheville?
In North Carolina, property tax is assessed and collected at the local level, and collected by the counties. State law requires that each county assess property values every eight years at minimum, but counties can make their assessment schedule more frequent if they deem it necessary. (Buncombe County, for example, changed its revaluation schedule in 2019, citing rising home values.)
Taxes are assessed based on the market value of a piece of property, a simple addition of appraised land value + appraised building value. There are a number of exemptions that homeowners in Buncombe county can claim, which are then subtracted from the assessment value. The assessment value minus exemptions is then multiplied by a tax rate per $100 assessed value to create a yearly tax bill.
North Carolina’s property taxes are on the low end compared to other parts of the United States, with an average effective property tax rate of .86%, which is the 21st lowest in the country. The average county tax rate in Buncombe is 0.697%, although that figure does not take special tax districts in parts of the county into consideration.
How are Asheville Property Taxes Assessed?
Normally, a county tax appraiser would come by the home and perform an inspection. However, as Mountain Xpress reports, the county is going high-tech in 2020. In many cases, property will be assessed by a combination of aerial and street-view measurement systems to save time and money.
The county will be employing Reveal 250—a flyover camera system—and Cyclomedia, a 360-degree measurement system mounted on a vehicle driven down the street. Reveal 250 is capable of doing roof inspections, can see siding damage, and even determine the number of bathrooms and fireplaces in the house from the sky. This will be combined with Cyclomedia data, which includes accurate height, length, and width measurements.
These high-tech gadgets will be paired with the old-fashioned methods of in-person inspections and referencing past data to bring tax assessments up to pace with market values. These new property values will go into effect on January 2021 (with February and March set aside for property owners to appeal these valuations), and County Commissioners will finalize a new tax rate in June 2021. This new rate could go into effect as soon as August 2021.
How Can I See a Property’s Tax Rate?
While tax rates are changing next year, it’s still a good idea to do some research on a property early on in your home search. You can look up the taxes on any piece of property in Buncombe County on the County’s website. That’s also the place to go for current property owners to file an appeal, file an exemption, or file an extension if they’re going to be late paying taxes.
Of course, your realtor will be a valuable asset in answering any question that you may have about property taxes in Asheville. Not only will they be able to pull old appraisals for the home you’re looking at, but they’ll also be able to check the market value for other homes that have sold recently in the area. While this might not tell you the exact value the home you’re considering will be appraised at in 2021, it’s a great way to get a rough estimate—and will likely be more up to date than the estimates given by sites like Zillow.
Real Estate in Asheville, NC
If you’re looking for homes for sale in Asheville, you’ve come to the right place. Keller Williams Asheville has a dedicated team of realtors with decades of experience in the Western North Carolina real estate market. Our team is made up of people who live, work, and play in the Asheville area, so we’re not just selling you a home—we’re welcoming you to the community.
If you want to make a move to Asheville, don’t wait. You can get started today by looking for homes for sale on our interactive map. Our map only shows live listings for homes that are actually for sale in the area, with real data on asking prices and home features. It’s a perfect time to find your dream home, and we’re here to help make that process easy and affordable.
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