Jackson County has decided to postpone its revaluation of property values from next year until 2015. A resolution to that effect is being prepared for adoption during the March meeting.
Tax Assessor Bobby McMahan this week recommended the delay, citing the extreme downturn of the real-estate market and the difficulty of accurately determining market value.
“Typical qualified sales used to establish a legitimate valuation are very scarce, and in some areas of the county nonexistent,” he told commissioners.
McMahan said more than 20 North Carolina counties have elected to postpone revaluation, including neighboring Macon County.
“With this postponement would come the hope of a revived real estate market and an overall improvement in the economy,” the tax assessor said. “Most importantly, a delay will provide the tax administration staff ample time to improve the current tax data by allowing time for field reviews to be performed on each existing parcel of property.”
The purpose of a revaluation is to determine fair market value for tax reasons.