Property values down
Published 8:08 pm Tuesday, October 4, 2016
Some classes of property in Tyrrell County have fallen in value, others “held their own,” but none increased since the last revaluation took effect in 2009, Bob Pearson, the county’s contract appraiser, told the county commissioners on Sept. 20.
Pearson, who has done the county’s periodic revaluations since 1985, said, “the vast majority of residential structures are off 25-30 percent.”
“Waterfront property is down by 35 percent, commercial is off some, and agricultural and forest land held steady,” he explained.
“There is an overall decrease in the tax base,” Pearson concluded.
His observations were based on inspections that have been ongoing for months to determine structural conditions, comparing recent sale prices, and using other factors to arrive at fair market value.
Property owners will be notified soon of any changes in values, and they will have opportunity to discuss these with Pearson before a final value is applied.
The commissioners will review land values on Oct. 18 and Nov. 1 before adopting a schedule to be applied when the 2016-17 budget is prepared.
The commissioners based the current budget on a property value total for tax purposes of $462.3 million.