Did you get a high tax appraisal value for your 2020 Cherokee County NC Values? Every property owner in Murphy NC, Andrews NC, Marble NC, Brasstown NC, and all around are receiving their new appraisal values in the mail. If your value came back accurate or low even, you do not need to do anything. If it is high, watch the video below to learn how to go through the appeals process.
Taxes are a necessity to make any local government run properly. We all require basic services that we expect. For example, if we ever have to dial 911, we expect an ambulance or officer to arrive quickly.
Cherokee County is no different. A large portion of Cherokee County’s budget comes from real estate taxes. North Carolina law requires, simply put, that a county’s tax assessed value (or appraisal as some people refer to it) be as close to market value as possible. Cherokee County has opted to do a county-wide re-evaluation to determine that value once every four years. This year, 2012, was one of those years.
If you own property in Murphy, Andrews, Marble, and parts of Brasstown, you should have received your notice of value early this year. Across the county, owners noticed an average decline in assessed value of about 30% over the previous value (which, by the way, was largely based on 2006/2007 sales).
Assessed value is only part of the puzzle when it comes to your real estate tax bill. It’s also based on the millage rate. That is the amount of tax you pay per $100 of assessed value. The county commissioners have confirmed the new tax rate is $0.52.
Bear in mind this is not the only factor as there is also a small fire tax (to fund your fire department), etc. that will make your actual bill slightly higher than what we are estimating here. In THEORY, taxes should have remained roughly flat. Naturally when you look at it on a county level of THOUSANDS of properties on the tax records, there are certainly some variations.
If you’re looking to purchase a property and want to know what the actual tax bill is, the best way is to simply ask. Make sure you have accurate information when making decisions on a home. If you need help with anything, contact us today! We’re here for you! 🙂
CLICK HERE to Download a Tax Calculation Cheat Sheet for Cherokee County NC
The Poltrock Team – REMAX Mountain Properties – Murphy NC –www.MyMurphy.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team
1031’s have long been a real estate investor’s friend. For those of you who are unfamiliar with them, it is a section of the IRS tax code that allows a person to sell an investment property and purchase another – tax free.
1031’s of course are simple in theory but have a few stipulations by the IRS. If you are considering buying a mountain property and want to do a 1031, we would be happy to guide you through the process.
Here’s the basics behind the new rule: a person who owns a vacation or second home for at least 24 months, uses it for 14 or less days a year, or less than 10% of the time it was rented in any of those years, can qualify that dwelling unit for a tax-deferred Exchange. You don’t have to rent it out for an extended length of time, it could be rented for just 14 days a year and still can qualify.
Want more help? Contact us! John and Jessica – The POLTROCK TEAM at RE/MAX Mountain Properties – www.MyMurphy.com – JohnPoltrock@gmail.com – Call Toll Free (877) 837-3002 and demand the POLTROCK TEAM! for Homes, Land, and other types of real estate in Western North Carolina