Vance County is required to perform a revaluation on all real property in its jurisdiction every eight years. Values are set on all residential and commercial land and structures such as homes, office buildings, stores and farms.
Because values do not increase or decrease at the same rate, revaluations ensure each property’s assessed value reflects its fair market value or the most probable price a property would bring at sale in a competitive and open market. If counties did not conduct periodic revaluations, some property owners would pay more than their share of property tax while others would pay less than their share.
The Schedule of Values, which by law much be approved by the county’s board of commissioners, is a manual providing rates, value ranges and guidelines for appraising property at market value within the county. It includes adjustments that may be used for various types of construction, adjustments for market conditions, and valuation schedules for land.
The Schedule of Values provides summaries and broad ranges of the parameters in the county’s Computer-Assisted Mass Appraisal System (CAMA). The rates and ranges in the Schedule of Values are effective January 1, 2024 and will remain in effect until the next revaluation, which is currently scheduled in eight years. Any changes or improvements made to properties during this time frame will be appraised in accordance with the standards found in this document.
The Vance County Board of Commissioners will hold a public hearing on Monday, October 2, 2023 to gain citizen input concerning the Schedule of Values.
Click here to view the Schedule of Values.