North Carolina General Statutes require that all counties conduct a
reappraisal of real property at least every 8 years. The Iredell County Board
of Commissioners have elected to authorize reappraisals every 4 years. More
frequent reappraisals reduce the amount of inequity which may occur among all
classes of property.
Iredell County’s 2023 Reappraisal has an
effective date of January 1, 2023. During the reappraisal process the
Assessor’s Office developed a Uniform Schedule of Values by analyzing cost
data, as well as sales and income data. Following a public hearing, the Iredell
County Board of Commissioners duly adopted the Schedule of Values. The purpose
of the Uniform Schedule of Values is to insure equity in valuations.
The Assessor’s Office has divided the county into appraisal neighborhoods (PDF). Properties within each of these neighborhoods share many common characteristics and are affected by similar influences. During the reappraisal process the appraisal staff reviews all recent sales of real property within each neighborhood and applies adjustments to bring each property in line with its current market value. As a result of reappraisal, property values change accordingly to reflect the market trends within their neighborhood and property type.
The real property appraisal staff analyzes sales to determine which sales are "arm’s length" transactions. Sales between family members, related corporations, sales that are gifts, or sales involving trades do not always reflect market value.
The needs and compulsions of the buyers and sellers may also influence sales prices. For example, a property may sell for less than market value if the seller is under duress to sell due to financial difficulties or relocation. A property may sell for higher than market value because an organization negotiates a price for property not currently being marketed or a person moves from an area of higher prices and buys without fully investigating the market.