JACKSON – A decline in market and assessed values of taxable property in Northampton County may leave county leaders in a quandary as they prepare for a revaluation year in 2015.

Currently saddled with North Carolina’s second highest property tax rate (92 cents per $100 of value; trailing only Scotland County at $1.03), there is the potential that Northampton taxpayers may find themselves digging a bit deeper into their pockets next year should the county commissioners opt to increase the tax rate to help ease the loss of property values.

At Monday’s meeting of the county’s Commissioners, Northampton Tax Administrator Cathy Allen presented a breakdown of the total dollar amount of the appraised market and assessed property values from four years ago versus the current figures. Across the board, values have fallen countywide, as much as 10 percent in one particular township.

Property taxes are the leading revenue source for the operation of Northampton County local government. Property values rise and fall over time and must be adjusted periodically to maintain balance and equity. To ensure that balance and equity are maintained, the State of North Carolina requires real property be reappraised at least every eight years. Prior to 2004, Northampton County used that Octennial Plan (revaluation every eight years). That process is now conducted every four years.

In its last reval year (2011), the appraised market value of taxable property countywide stood at $1.85 billion. The assessed value at that time was $1.6 billion. The latter number was what the Northampton County Commissioners used to set the property tax rate at 87 cents (per $100 of value). Since 2011, the property tax rate has climbed a nickel, now at 92 cents.

As of late September this year, the value of the 20,167 taxable parcels of land countywide have declined to $1.75 billion in market value and $1.48 billion in assessed value.

“The market is down, based on sales that are recorded through the Register of Deeds office,” said Allen as she explained the reason behind the across the board decline in property values.

“It’s a combination of market and changes in use value,” added Avery Davis, the county’s Chief Appraiser. “We’re seeing a decrease in the sales price of property across the county, including property at Lake Gaston. The present use values assessments, which are derived from the state, are taking a heavy hit. We’re seeing about a seven percent (value) decrease across the board.”

Commissioner Virginia Spruill said these losses in property values will impact the county’s finances.

“This impacts our purse strings,” she said. “Our tax base is shrinking.”

Allen’s spreadsheet also listed the decline in market/assessed values by township. Topping that list is the RoanokeTownship. There, in 2011, the taxable properties had an appraised value of $98.22 million and an assessed value of $70.58 million. Those respective rates currently stand at $95.16 million and $63.27 million.

Property values (past and current) in the county’s remaining eight town townships are as follows:

Gaston

2011 market: $879.49 million

2014 market: $800.19 million

2011 assessed: $849.53 million

2014 assessed: $769.33 million

Jackson

2011 market: $48.9 million

2014 market: $46.8 million

2011 assessed: $42.68 million

2014 assessed: $40.35 million

Kirby

2011 market: $240.75 million

2014 market: $237.06 million

2011 assessed: $192.59 million

2014 assessed: $188.03 million

Occoneechee

2011 market: $122.01 million

2014 market: $117.08 million

2011 assessed: $89.37 million

2014 assessed: $82.68 million

Pleasant Hill

2011 market: $44.9 million

2014 market: $44.4 million

2011 assessed: $38.55 million

2014 assessed: $37.69 million

Rich Square

2011 market: $167.64 million

2014 market: $161.94 million

2011 assessed: $136.5 million

2014 assessed: $125.8 million

Seaboard

2011 market: $111.39 million

2014 market: $108.8 million

2011 assessed: $83.2 million

2014 assessed: $80.27 million

Wiccacanee

2011 market: $141.1 million

2014 market: $137.4 million

2011 assessed: $98.19 million

2014 assessed: $92.83 million

The property values of the residential subdivisions lining the shores of Lake Gaston and Roanoke Rapids Lake also declined over the past four years.

In 2011, the appraised values of parcels at Lake Gaston stood at $600.69 million (market) and $595.61 (assessed). Those 1,860 parcels are now listed at $526.67 million and $522.18 million respectively.

On Roanoke Rapids Lake, the 2011 appraised market value was $42.15 million and the assessed value was $37.42 million. Now, those 253 parcels of land are respectively listed at $41.94 million and $36.25 million.

Of the county’s 546 commercial properties, they had an appraised market value of $135.55 million and assessed value of $132.39 million four years ago. The recent appraisal for the 2015 reval year shows a decline: $132.54 in market value and $129.3 in assessed value.

The lone increase in property values across the county comes byway of industry. Those 34 properties are currently valued at $55.38 million, up from $50.59 million four years ago.

At Monday’s meeting, Allen presented the Commissioners with the Market Value, Use Value and Proposed Value schedules for 2015. The Board accepted those schedules and scheduled public hearings on each for Monday, Oct. 20.

From that point, the Commissioners can approve or disapprove the schedules within seven days after the public hearings, or by their next scheduled meeting on Nov. 3. If the schedules are adopted, the public has the right to appeal the decision of Northampton’s governing body to the Property Tax Commission within 30 days.