Transcript Three Approaches To Value On Your Property Record Card John Burgiss, RES Forsyth County Tax Assessor/Collector Email: [email protected] Telephone: 336.703.2301

Three Approaches To
Value On Your
Property Record Card
John Burgiss, RES
Forsyth County Tax Assessor/Collector
Email: [email protected]
Telephone: 336.703.2301
Presentation Agenda
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Why are the three approaches to
value important in mass appraisal?
Forsyth County Valuation History
Where should the valuation data be
displayed?
Examples of valuation data display
Successes and Improvements
Questions and Comments
Why Are The Three Approaches Important?
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Generally Accepted Appraisal
Theory
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NC General Statutes
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Court Decisions/Other Rulings
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Public Relations
Generally Accepted Appraisal Theory
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“Since about 1910, three
approaches to estimating market
value have been evident in the
literature of appraisal: sales
comparison, cost, and income. All
have been refined through the
years…” Property Appraisal and Assessment
Administration, 1990, Page 82
NC General Statutes
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GS 105-283. Uniform Appraisal
Standards – “All property… shall…be
appraised or valued at its true value
in money.”
GS 105-317(a)(1),(2). Appraisal of
Real Property – adaptability of
property uses, past income,
probable future income, cost, etc.
Court Decisions/Other Rulings
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Belk-Broome emphasizes the income
approach as the primary appraisal method
for appraising income producing properties.
Greensboro Office Partnership points
toward the use of market rents in
determining the value of an income
producing property.
Philip Morris USA discusses the
appropriateness of a certain cost approach
method.
Court Decisions/Other Rulings
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Blue Ridge Mall 08
PTC 026
Public Relations
 Appraisal
Accuracy
 Appraisal
Competency
 Appraisal
Efficiency
 Appraisal
Transparency
Forsyth County Valuation History
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Forsyth County started conducting “InHouse” revaluations in 1988.
Revaluation Dates: 1988, 1993, 1997,
2001, 2005, 2009, 2013
First published Income Approach guide
produced for the 1976 Revaluation
First published Income Section in the
Schedule of Values for the 1997 Reval
Cost/Market “Hybrid” Approach for
Residential Properties
Valuation Approaches - Display
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Schedule Of Values, Standards and
Rules
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Property Record Card
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..in the interest of full disclosure>>
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The Internet
Commercial Property –
Income Approach
Primary
valuation
approach
identified
Residential Property –
Three Approaches
Successes and Improvements
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Public Compliments
Clarity of page 1 valuation summary
Commercial Sales Comparison
Card print speed for large
commercial properties
Few minor display bugs
Questions??? Comments???
**Thank You**
Additional Property Record Card
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Attached is an example of a
property containing an income
producing commercial property and
a single family dwelling. Two
approaches used; total value
brought together on the Income
Approach.
Added in value
of res structure
and estimated
land value
Valuation Approach – Data Display