HomeMy WebLinkAboutC.054.93011_1342 (2)each acting prudently and knowledgeably and assuming the price is not affected by undue
stimulus.
• Appraisers identify and list basic characteristics of every property such as a
building's dimensions, total square footage, type and quality of construction, type of heating and
cooling, amount of plumbing, age, condition, desirability, usefulness, etc. They then apply one or
more valuation methods.
• Personal property is assessed annually at market value. Real property is assessed
every four to eight years, and this creates an imbalance that increases over time. Real estate
market values change over time, but not uniformly across the county.
• The Schedule of Values is adopted for each reappraisal. These do not change until
the next reappraisal. The tax office will value identical properties the same throughout 2007 to
2011 even if the current market value changes.
• There are three valuation methods, as follows, to arrive at value.
a. Market approach: Compare property to recent sales of similar
properties. Property owners buying and selling real property provide
the market data.
b. Cost approach: Estimate current cost of replacing the property less
depreciation. This is used when there are limited sales of similar
property.
c. Income approach: Consider how much income the property will
produce if rented (commonly used for commercial properties).
• Employees in the tax department conducting the appraisals are certified real property
appraisers by the NC Dept. of Revenue. A contracted specialist will assist with
commercial/industrial properties.
• Notification of the new, real property values will be sent to property owners in
Februaryof 2007. (These values will be used for the 2007 tax bills)
Valid reasons to appeal are:
• Value exceeds market
• In -equitable assessment with comparable properties.
Invalid appeal reasons are:
• Taxes too high
• Inability to pay
• Services too low
• Amount of increase in value.
• There are three appeal levels and these are (1) Review by County Appraisal Staff,
(2) Iredell County Board of Equalization and Review, and (3) North Carolina Property Tax
Commission in Raleigh.
• Present Use Schedules, Standards and Rules have to be adopted. The schedule is used to
value eligible agricultural, forestry/horticultural properties. Property owners pay taxes on the
present use value as long as the property is eligible. If the property loses its present use eligibility,
then the property owner pays the taxes on the difference between the market value and the present
use value, plus interest for up to four years.
• In order to qualify for a homestead exemption, a person must be 65, or older, and/or be
totally and permanently disabled. For 2007, the income requirement is $20,500.00, or less, for the
year of 2006 The amount of the exemption is $20,000.00, or up to 50% of the value of the
residence.
�s*s•
Copies of the 2007 True Value and Present -Use Schedule, Standards, and Rules
were then distributed and accepted by the board members. The board agreed to call for a
public hearing on December 5 regarding the documents.
ADJOURNMENT: Chairman Tice adjourned the briefing session at 6:40 p.m.
Approval:
Clerk to the Board
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