Property values are most often impacted by the location of the parcel, with those properties perceived as having the most desirable location appreciating at a higher rate. Valuation procedures used by the Assessor are the same as those used by other members of the Appraisal profession. For property that has been held for a longer period of time, a determination must be made as to whether the appraised value appears to be close to the potential asking price if listed for sale. Comparison between prior year valuations and the valuation indicated on the Notification of Change of Value are invalid. If the appraisal is reasonable, no additional action is required.
All property owners have the right to appeal.
Property values are determined by the Assessor through the appraisal process, tax rates are set by elected officials as part of the annual budget. An appeal based on the position that the appraised value is too high because of the resulting tax bill is an invalid appeal and will result in a No Change notification. The Durham County Board of Commissioners holds budget sessions in May and June prior to adopting the budget for the fiscal year beginning July 1. The procedure to file an appeal is covered later in this document. Real estate professionals who may provide information about local market conditions.