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Preliminary numbers from the county’s new property tax revaluation show real estate values in rural Buncombe County and its small towns have fallen — including big drops in exclusive neighborhoods.
The total value of property in Biltmore Forest fell 16.3 percent from 2012 to this year and 36 percent in Avery’s Creek, an area that includes the upscale golf course community of Cliffs at Walnut Cove.
The total value of all property in Buncombe County fell by 2.4 percent during that same period, reflecting a decline in the value of existing property and a slow pace of construction and development.
The overall decline and the sharp drop in areas like Biltmore Forest set up what could be a tough choice for Buncombe County commissioners, who will either have to cut spending or raise the property tax rate to balance the budget. Or they might have to do both.