The North Carolina State Department of Revenue conducts sales assessment ratio studies annually to compare counties' assessed value of property to recent sales prices. This year, Union County (Monroe) was the only county to hit the threshold that triggers a revaluation.
Union County conducted its last reval in 2008 and the next was scheduled for 2016. However, when the sales assessment ratio is less than .85 or greater than 1.15, North Carolina General Statutes require a revaluation within three years.
Union County recently received official notice that its 2012 sales assessment ratio of 119.78 is way above the limit. It means that on average, properties are assessed at nearly 20% above market levels.
The Union County Board of Commissioners ordered a revaluation be conducted for Tax Year 2015. The new values will be effective as of January 1, 2015 and will be reflected in the tax bills mailed in August 2015.