Schedules of Values, Standards, and Rules

Report
2015 Schedules of Values,
Standards, and Rules
Melia Miller, Iredell County Tax Assessor
2015 Reappraisal
G.S. 105-286 requires general revaluation of real property at least every eight
years
G.S 105-286(a)(3) allows a local Board of County Commissioners to conduct
revaluations more frequently
• Iredell County has conducted revaluations effective in 1984, 1992, 1995,
1999, 2003, 2007, 2011, and now 2015.
• More frequent revaluations greatly reduce shifts within the tax base and
inequity of like properties
The primary purpose of a
Purpose
of the
Reappraisal
reappraisal is to equalize the tax
base
• Between real, personal and public
service property (Public Service
Properties are Electric, Water,
Railroad, and Telephone)
• Within classes of real property
Real property is reappraised every 4 years
Personal property, motor vehicles and
public service properties are reappraised
annually
Over time, property values may change
between different types of real property
North Carolina requires the use of the
same tax rate for all types of property
With real property values “frozen” the tax
burden typically shifts toward personal
property between reappraisals
Equity
The process
Iredell County Tax Assessor’s Office will reappraise
approximately 93,870 parcels
Appraisal records are stratified into 621 appraisal neighborhoods
Each appraisal neighborhood has its own
unique market characteristics
• Normally most neighborhoods appreciate in value over time;
however in today’s market we see some increasing, some not
changing and some neighborhoods decreasing in value
Schedules
of
Values,
Standards
and Rules
Required by G.S. 105-317
The schedules must be reviewed
and approved by the Board of
Commissioners before the Tax
Assessor may complete the 2015
revaluation
It must be sufficiently detailed to
enable those making appraisals
to adhere to the schedules in
appraising real property
Numerous valuation tables
and ranges essentially
driven by CAMA system
Valuation standards to
insure uniformity and equity
Rules to insure uniformity
and equity
Schedules
of
Values,
Standards
and Rules
Schedules of Values, Standards, and Rules
Notable Items:
• Many tables are set in ranges to allow flexibility
• One size does not necessarily fit all
• Present Use Schedule follows the
recommendations of the Use-Value Advisory
Committee
How are
the
Schedules
of Values
used?
 The Schedules of Values are
adopted for each reappraisal and do
not change until the next
reappraisal
 The Tax Office will use the adopted
Schedules of Values to value all
properties from 2015 through 2018
even if the market conditions
change
Market Value is defined under
G.S. 105-283 as “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”
What is
Market
Value?
How is Market Value Determined?
Market value is determined by analyzing sales in the
market place
These sales are verified by deeds, sales
questionnaires, multiple listing services and
contracts with the seller/buyer
The Schedules of Values are applied and adjustments
made for each individual neighborhood
2014
PICTOMETRY
REVIEW
PROJECT
2014
PICTOMETRY
REVIEW
PROJECT
2014
PICTOMETRY
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PROJECT
2014
PICTOMETRY
REVIEW
PROJECT
2014
PICTOMETRY
REVIEW
PROJECT
2014
PICTOMETRY
REVIEW
PROJECT
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PICTOMETRY
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PICTOMETRY
REVIEW
PROJECT
Who Will
Conduct
the 2015
Reappraisal
?
Employees of the Iredell
County Tax Department, who
are North Carolina Department
of Revenue Certified Real
Property Appraisers, will
conduct the reappraisal
In addition, six staff members
are NC Appraisal Board
Certified
If the taxpayer feels his
property is in line with other
comparable properties then no
further action is necessary
If the new assessed value is
above or below market value,
the taxpayer has the right to
appeal
What
happens
after
taxpayers
receive their
notice?
Reasons for Appeal
VALID
Value substantially exceeds or is below Market Value
Inequitable Assessment with comparable properties
Errors on the Tax Card
Reasons for Appeal
INVALID
Taxes are too high
Inability to pay
Services too low
Amount or percent of change in value
What if a
taxpayer
disagrees
with the
reappraised
value?
The taxpayer may fill out the appeal form
located at the bottom of the 2015 Countywide reappraisal form and return it to the
Tax Office
The taxpayer may fill out an electronic
appeal form located on the Iredell County
web site: http://www.co.iredell.nc.us/
A staff appraiser will review the tax
record and information provided on
appeal form by the taxpayer
A new notice will be mailed to the
taxpayer
September 2, 2014:
2015 Schedules of Values submitted to Iredell County Board of
Commissioners and made available for public inspection at the
Iredell County Assessor’s Office
September 5, 2014:
Public Notice published per NCGS 105-317 . Schedules of
Values available for inspection at Iredell County Public
Libraries and the County website
October 7, 2014:
Public hearing for the 2015 Market and Present Use
Schedule of Values
October 21, 2014:
Request Iredell County Board of Commissioners adopt the
proposed 2015 Schedules of Values
October 27, 2014:
Advertise Order of Adoption #1
November 3, 2014:
Advertise Order of Adoption #2
November 10, 2014:
Advertise Order of Adoption #3
November 17, 2014:
Advertise Order of Adoption #4
November 26, 2014:
Last day to file an appeal of the 2015 Market and Present Use
Schedule of Values to the NC Property Tax Commission
Timetable
Thank you
We wish to thank
the Board of Commissioners,
the County Manager,
and the Citizens of Iredell County
for the support they have given us

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