Why does the County do revaluations?

Why does the County do revaluations?

Revaluations are required by law in North Carolina, and they set the tax value of all residential and commercial land and structures. Property values don't all go up or down at the same rate, so revaluations make sure each property's assessed value reflects its fair market value, or the most probable price a property would bring at sale in a competitive and open market, as of the revaluation effective date. Because property taxes are partially based on a property's market value, if counties didn't conduct periodic revaluations, some property owners would pay more than their share of property tax, while others would pay less than their share.