The Buncombe County Board of Commissioners on Tuesday will vote on a resolution that would cancel the upcoming property tax revaluation in the face of a declining economy, pushing it to 2014.
“Due to the recent economic decline the tax assessor as well as local independent real estate appraisers have determined and are of the opinion that real property values are relatively flat across the market area such that the values have neither increased nor decreased by an amount sufficient to require the preparation and adoption of a new Schedule of Values,” the text of the resolution claims.
The last property revaluation took place in 2006, at the height of the area’s housing boom. At that time, the commissioners voted to set the next revaluation for 2010.
Currently, the county property tax is 52.5 cents per $100 of property value. The proposed budget for the coming fiscal year keeps that rate the same while making $5.9 million in cuts.
The looming revaluation was listed as one of the county’s financial challenges at the commissioners’ retreat earlier this year. If property values declined—as they have in many areas due to the economic downturn—the county could be further strapped for cash.
The meeting begins at 4:30 p.m. on Tuesday, June 2, in the commissioners’ chambers at 30 Valley St. A short pre-meeting review of the agenda begins at 4:15.
—David Forbes, staff writer