Even the wealthiest and powerful George Vanderbilt families around the world have to pay property taxes, but if your property is a national treasure like the Biltmore House, its value is difficult to calculate.
Buncombe County expert witnesses were asked to rate 250 rooms and the largest private residence in the United States, approximately 135,000 square feet, built in 1895 and designed as a French Renaissance castle. The house is about $ 37 million, with more than $ 64 million near 2,194 acres, according to figures released this week. According to the tax office, the combined area of hotels, restaurants, annexes, private homes, and Biltmore Estate common areas is approximately $ 300 million. More info
Biltmore Company and its affiliates own approximately 8,000 acres of real estate, which are split into several real estate properties, some of which are not owned by Biltmore. George Vanderbilt’s heirs split the property in 1979 into several companies, including the Biltmore Company and Biltmore Farm. Most of the real estate on the west side of the French Broad River is owned by Westrange LLC and is worth about $ 78 million, excluding $ 300 million. Many of these properties are not published on a regular basis.
Keith Miller, who oversees the tax office’s assessment, said the Biltmore Estate assessment was “one of the most complex tasks to date.”
Like other properties in Asheville, Everything You Need To Know About Visiting The Biltmore Estate has grown in value since its last revaluation in 2013. Land in the immediate vicinity of the Biltmore House (2,194 acres) has risen by 40%, and the value of buildings in the parcels, including the Biltmore House but excluding the hotel, has increased. , Increased by 27%. These increases are consistent with the overall average growth rate of 24% in Buncombe County’s real estate value.
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In-Biltmore Estate has generated approximately 26% revenue from 2013 to $ 46.6 million. The value of the new Village Hotel is about $ 34 million, an increase of about 6% from its valuation when it opened last year.
So where did the $ 37 million price tag for the 1895 Biltmore House come from? Miller said, contrary to common belief, the tax office does not count equipment and evaluates wooden inlays. He said the Biltmore House rating was more related to the rating of factories and department stores than the typical mansion.
“At least in the United States, there are few home comparisons,” he said. “To see a castle like this, you really have to go outside this country.”
Instead of looking for comparisons in the French countryside, they look at Biltmore’s income to determine its value. Square foot is recorded, but Miller says it’s not as important as a home appraisal.
He thinks he’ll never have a home again, “he said.”There is a huge amount of functional regression in the house.”
Communication Director Kathleen Moscher said Biltmore itself has nothing to do with value. I don’t sell real estate.
“As a historic building in the country, it’s not what we’re focusing on, as we’re interested in preserving items for generations,” he said. .. “Our goal is to save these objects and save properties for generations. Therefore, if you need to do an evaluation, someone looking for those values abroad will do it yourself. to hold.”
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