Continue milking high-end homes for property taxes or realign real estate values?Written by Quintin Ellison
Jackson County commissioners plan this week to discuss the upcoming property revaluation, though it remains unclear whether they will postpone the process as some residents are requesting.
In a revaluation, every home, lot and tract of land is assigned a new property value to reflect the going real estate market — a value that in turn dictates how much people pay in property taxes. But, the volatile real estate market has led many counties to postpone revaluations.
Jackson County has postponed its revaluation until 2013, but Tax Assessor Bobby McMahan has suggested waiting a couple more years. McMahan plans to give a report on the issue during a commissioner work session Jan. 13.
The market value of high-priced lots and homes are destined to fall in a countywide revaluation. Delaying the reval means the county can continue taxing high-end properties at inflated book value. Going ahead with the reval would shift property tax burden to median-priced properties as those are more likely to hold their value while the high-end properties fall — and that’s what Jackson County residents are protesting.
“You will be negatively impacting the lower-income families,” said Avram Friedman, an environmental advocate in Sylva.
Allen Lomax, a local real estate agent, told Jackson County commissioners a property revaluation “will definitely” have the most wallop on the wallets of the less affluent in the county.
While Macon and Swain have postponed their revaluations for a couple more years, Haywood County went ahead with its last year.
Counties must do a revaluation every eight years, which wouldn’t be until 2016 for Jackson.
Carol Odom of the Glenville community views the situation from another angle. She told commissioners that she’s neither rich nor under-taxed. Odom said she’s seen 75 percent of her income evaporate because of the dour economy. She believes homeowners shouldn’t be paying taxes based on false property values but that the whole county should “share their pain.”
“I hope you do revaluate, and that it gets shared all across the county — everyone should contribute. I’m not here to support other people financially,” Odom said.