2015 Schedules of Values, Standards, and Rules

Melia Miller, Iredell County Tax Assessor

2015 Reappraisal

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G.S. 105-286 requires general revaluation of real property at least every eight years

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G.S 105-286(a)(3) allows a local Board of County Commissioners to conduct revaluations more frequently

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Iredell County has conducted revaluations effective in 1984, 1992, 1995, 1999, 2003, 2007, 2011, and now 2015.

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More frequent revaluations greatly reduce shifts within the tax base and inequity of like properties

Purpose of the Reappraisal

• •  The primary purpose of a 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

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Iredell County Tax Assessor’s Office will reappraise approximately 93,870 parcels

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Appraisal records are stratified into 621 appraisal neighborhoods

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Each appraisal neighborhood has its own unique market characteristics

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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 REVIEW PROJECT

2014 PICTOMETRY REVIEW PROJECT

2014 PICTOMETRY REVIEW PROJECT

2014 PICTOMETRY REVIEW PROJECT

2014 PICTOMETRY REVIEW PROJECT

2014 PICTOMETRY REVIEW PROJECT

Who Will Conduct the 2015 Reappraisal

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 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 County wide 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

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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