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REVAL TIME: Property Values Down; How Much Yet To Be Determined

By Mike Barnhardt
Enterprise Record

It’s a touchy subject – one that county commissioners will have to face in coming months. And in a depressed real estate market, it gets even touchier.
When Davie County conducted its last property tax revaluation, economic times were booming – and so was the real estate market. Soon after, the economy went south – leaving Davie County with property that could be overvalued.
Tax administrator Jackie Hall estimates overall value would decrease 2-4 percent with a revaluation, with higher-end homes, multi-family residences and business and industry reducing the most. Her estimate, based on raw sales data, state and national standards, is too low, one resident and a county commissioner said at a meeting last week.
Wayne Webb came holding a memo from Hall to James Stockert, assistant county manager. Webb also questioned Hall’s suggestion that revaluation isn’t necessary at this time.
“There are statements that don’t make a lot of sense,” Webb said …