Why Do We Conduct Reappraisals?
- To appraise real property at market value.
- To re-equalize the tax base.
- Personal Property is assessed annually at market value
- Real property is assessed every eight years
- Creates an imbalance that worsens over time
- Real estate values change over time, but not uniformly across the county.
- Reappraisals are required by North Carolina law.
- Octennial System - G.S. 105-286(a)
The Market Value Standard
All property, real and personal, shall as far as practicable be appraised or valued at its true value in money.
True Value In Money is...
The price estimated in terms of money at which the property would change hands between a willing and financially able buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of all the uses to which the property is adapted and for which it is capable of being used.
Market Value Is...
- The Most Probable Price - not necessarily the highest, lowest, average, or actual sale price
How is a Reappraisal Conducted?
- Continuing Sales Analysis
- Every real estate transaction resulting in a change of ownership is reviewed.
- The sales price and terms of the transaction are verified.
- True "arms-length" transactions are qualified and placed in our sales file.
- A Sale Between Unrelated Parties
- Reasonable Exposure in the Market
- Not a Forced Sale - Foreclosures
- No Advantage Being Taken by the Buyer or Seller
- Both Parties Recognize the Present Use and Potential Uses of the Property
- The county is divided into approximately 124 appraisal "neighborhoods".
- Reviews are conducted on a neighborhood basis.
- Sales analysis is conducted using sales from within the neighborhood.
Three Approaches to Value
- Cost Approach
- Income Approach
- Sales Comparison Approach
- Valuation notices to be mailed on or before October 1, 2009.
- Basic revaluation information is included with the notice.
- Notices will be mailed to the most current owner at the best available mailing address.
- Some notices will show "value incomplete" due to building permits, parcel splits, etc.
- Appraisers will complete this work as rapidly as possible.
Informal Appeals Process
- A majority of property owners will likely accept their new value without contacting the Assessor’s Office.
- About 4% will call with questions, but will likely not appeal.
- About 6% will request a Anson County Informal Review form.
- Forms may be requested by calling 704-994-3290.
- The Appraisal Support staff will "log" the request for a review form in the computer.
- The Assessors office will print and mail the form by the next business day.
- The form will display parcel data in a way that encourages the property owner to compare his data with ours.
- The property owner should submit the Informal Appeals Form along with supporting data within 30 days.
- The forms & supporting data will be filed by neighborhood.
- All appeals within a neighborhood will be worked as a group.
- The vast majority of appeals will be resolved through this process.