October 17, 2024

What changed?

The North Carolina Department of Revenue announced that commercial properties in over 30 counties throughout the state will be revalued in 2025.

Who does this affect?

The revaluations affect all commercial properties in the following counties:

• Beaufort
• Buncombe
• Caldwell
• Carteret
• Chatham
• Cleveland
• Cumberland
• Dare
• Davie
• Duplin
• Durham
• Forsyth
• Gates
• Haywood
• Jackson
• Johnston
• Lenoir
• Martin
• New Hanover
• Orange
• Person
• Polk
• Stanly
• Stokes
• Surry
• Transylvania
• Tyrrell
• Union
• Warren
• Wayne
• Wilkes

When does this change go into effect?

The revaluations are effective starting January 1, 2025.

What does this mean?

Property owners could face higher real estate taxes, especially if they do not appeal their new assessment. Many of these counties have not seen revaluations for multiple years, dating back to between 2017 and 2021.

If you have improved your commercial property since your last revaluation, you must ensure your 2025 property value matches those improvements.

Talk to our advisors for guidance on revaluing your North Carolina commercial property.