Durham County property owners have until Monday to appeal commercial and residential property tax appraisals.
Tax reappraisal notices were sent to property owners in December, setting into a motion a process that could result in some paying more on commercial, residential and industrial property.
Reappraisal is required by state law at least every eight years. The process updates real property tax values to current market value for the about 110,000 parcels in Durham County. State law defines market value as the estimated price at which a property would change hands between a willing and financially able buyer and willing seller.
Property owners should appeal if they believe their appraised property value is higher or lower than what it could reasonably sell for on Jan. 1. A notice of appeal form and related brochure was included in the reassessment notice. Property owners have until 5 p.m. Monday. to appeal the reappraised value.
As of Monday about 5,100 appeals have been filed, according to Durham County Tax Administrator Kim Simpson. When appeals come in, tax administration staff work with property owners to answer questions and review concerns. If the issue isn’t resolved, the case moves forward to the Board of Equalization and Review. About 50 of those cases have moved to the board, Simpson said.
If property owners are unhappy with the board’s decision, they can appeal to the North Carolina Property Tax Commission.