Monday, December 08, 2008
After examining delaying property revaluations for one year, Chatham County Commissioners said they would not hold off but institute new values on January 1. Initially, the Commissioners were interested in delaying the revaluation to give tax payers a financial break, however data from the County tax office show the savings would not be significant. George Lucier, chair of the Commissioners says, “The estimated costs of a one-year delay were considerably higher than initial reports indicated.”The full story below was written by News & Observer staff writer, Jim Wise.
Chatham County Commissioners will not delay home revaluations after research showed a one-year delay would hurt property owners and the county more than expected. Commissioners had looked at delaying revaluations for one year to give residents a break during this economic downturn, according to a news release from Chatham County. Commissioners decided Monday to proceed as originally planned. This means that new values will take effect Jan. 1. Information from the county’s tax office showed the potential benefits were not substantial enough to delay revaluation until 2010, said Commissioners Chairman George Lucier in the release. “The estimated costs of a one-year delay were considerably higher than initial reports indicated,” Lucier said. Revaluation is a state-mandated process to ensure that property owners are paying their fair share of property taxes based on current market values. Chatham County revalues property every four years.
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