Introduction
In this article, we will delve into the proceedings of the Iredell County Board of Commissioners meeting held on February 21, 2023. Our focus will be on the economic development incentive request presented by Iredell County Economic Development Corporation and the revaluation process of the county. We will discuss the details of the economic incentive request, its potential impact on the county, and the steps involved in the revaluation process.
Economic Incentive Request for Dura Supreme LLC
During the meeting, Iredell County Economic Development Corporation presented an economic incentive request on behalf of Dura Supreme LLC, also known as Project South. Dura Supreme LLC is a subsidiary of Supreme Chemistry Brand Inc. and backed by GHK Capital. The company, founded in 1954, is a leading manufacturer of semi-custom and custom cabinetry with multiple locations in Minnesota and Iowa.
The economic incentive request aims to support the expansion of Dura Supreme’s manufacturing capacity for cabinetry in Statesville, North Carolina. The project involves a capital investment of $17.4 million and the creation of 115 to 237 jobs. In line with the county’s economic development policy, Iredell EDC requested an economic incentive grant of up to $197,445 to assist with the project’s development. The grant, if approved, would be payable over five years based on performance metrics tied to the new tax increment generated by the investment.
The economic incentive request was previously presented to the Statesville City Council, and Iredell EDC expressed gratitude to the Board of Commissioners for considering their proposal. The request was followed by a question-and-answer session, after which the board unanimously approved the economic incentive of up to $197,445 over a five-year period.
Understanding the Revaluation Process
Another significant topic discussed during the meeting was the revaluation process for Iredell County. The revaluation process is a state-level requirement governed by the North Carolina Department of Revenue. It mandates that counties conduct a reappraisal of property values every eight years. However, the recommended cycle is every four years.
The Department of Revenue evaluates county tax values annually in May. If the tax value falls below 90% or exceeds 110% of the median sales range, the county receives a letter informing them that corrective action, such as a reappraisal, may be necessary. Iredell County received two such letters in May 2021 and May 2022, indicating a significant increase in property values.
These letters from the Department of Revenue do not suggest any errors on the part of the county’s tax office. Instead, they serve as a prompt for the county to consider undertaking a reappraisal to ensure that assessed property values align with fair market values. Delaying the reappraisal was not a feasible option for Iredell County, as they already had a reappraisal scheduled for 2023.
Conclusion
In conclusion, the Board of Commissioners meeting held on February 21, 2023, covered vital topics related to economic development incentives and the revaluation process in Iredell County. The economic incentive request for Dura Supreme LLC, also known as Project South, showcased the County’s commitment to supporting business expansion and job creation. The request, amounting to $197,445 over a five-year period, was approved by the Board, setting the stage for continued growth and prosperity in Iredell County.
Additionally, the discussion on the revaluation process shed light on the importance of periodically assessing property values to ensure fairness and accuracy in taxation. The Department of Revenue’s guidelines and notifications play a crucial role in guiding counties like Iredell to undertake reappraisals when necessary. By adhering to these guidelines, Iredell County maintains a transparent and reliable taxation system that reflects the true market value of properties.