Why assessed values may change?

Outside of a revaluation year, below are the reasons for a change in value. Taken from
subsection (a) of NC G.S. 105-287:
(1) Correct a clerical or mathematical error.
(2) Correct an appraisal error resulting from a misapplication of the schedules, standards, and
rules used in the county’s most recent general reappraisal or horizontal adjustment.
(2a) Recognize an increase or decrease in the value of the property resulting from a
conservation or preservation agreement subject to Article 4 of Chapter 121 of the General
Statutes, the Conservation and Historic Preservation Agreements Act.
(2b) Recognize an increase or decrease in the value of the property resulting from a physical
change to the land or to the improvements on the land, other than a change listed in subsection
(b) of this section.
(2c) Recognize an increase or decrease in the value of the property resulting from a change in
the legally permitted use of the property.
(3) Recognize an increase or decrease in the value of the property resulting from a factor other than one listed in subsection (b).

And along with that, below are the reasons listed in subsection (b) of NC G.S. 105-287 of why Assessed Values May Not Change, again outside of a revaluation year:

(1) Normal, physical depreciation of improvements;
(2) Inflation, deflation, or other economic changes affecting the county in general; or
(3) Betterments to the property made by:
a. Repainting buildings or other structures;
b. Terracing or other methods of soil conservation;
c. Landscape gardening;
d. Protecting forests against fire; or
e. Impounding water on marshland for non commercial purposes to preserve or enhance the natural habitat of wildlife.

ASSESSED VALUE AND THE TAX RATE
The assessor’s office doesn’t determine the total amount of taxes collected. The assessor’s primary responsibility is to find the market value of your property, so that you may pay only your fair share of the taxes.
The amount of tax you pay is determined by a TAX RATE applied to your property’s ASSESSED VALUE. The tax rate is determined by all the taxing agencies-city and/or county, fire districts, and others -–and depends on what is needed to provide all the services you enjoy.

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