Real estate has been booming the last few years with record high prices in our area. Much of the effect of that is just becoming evident to local residents. Mitchell County property owners have just received their new reevaluations that reflect the higher appraisals. Mitchell County now reevaluates property values every four years in an attempt to keep from having drastic increases every eight years. However, without a property tax rate increase for five years, their state required fund balance dipped near the required 8%. Combined with the purchase of property for a new middle school, funding for Mayland Community College’s hotel project, inflation on day to day expenses and continuing maintenance has put pressure on maintaining a balanced budget. Commissioners cut the tax rate from 58 to 56 cents per $100 of valuation however, because of the higher priced property values, most Mitchell County residents are seeing a significant rise in the amount they owe.
Yancey County reevaluates property every 8 years. Currently Pearson’s Appraisal Service is performing that task with plans for those new values to become effective January 1 of 2024. Yancey’s current rate is 60 cents per $100 valuation, Avery is 45 cents and Madison is 50 cents per $100.
