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.
- $100,000 Assessment at $0.385 cents is $100,000/100x.385= $385 annually
- That same house at the new assessment of $70,000 at $0.52 is $364 annually
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! 🙂
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