· Who is responsible for tax value
assessments?
The Chief of Appraisal working under the
direction of the Tax Administrator accomplishes this task through a staff of in-house
appraisers.
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· What is the purpose of updated
property values?
To create a real estate tax base for the
county, and to determine equitable distribution of the tax burden.
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· What is the Appraisal Division
responsible for:
- Estimate of "fair market value".
- Appraise all new construction.
- Notification to property owners of changes of values.
- To keep an inventory of major characteristics of all real property.
- Establish a "schedule of values" used in the appraisal of real property.
- Provide information to the general public.
- Conduct real estate property appeals.
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· What
is "fair market value"?
The price in terms of money that a property
will bring if exposed on the open market, between a willing seller and buyer, both of whom
are fully informed of all the uses, advantages and disadvantages of the property, and each
acting in a prudent manner, and neither is under undue duress.
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· Who
determines fair market value?
The Chief of Appraisal and his staff do not
dictate values. They interpret the marketplace by analyzing real estate transactions and
comparing conditions of similar properties which have sold.
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· How is value
determined?
A. Market approach - compare property to recent sales.
B. Cost approach - Estimate current cost of replacement less
depreciation plus land value.
C. Income approach – capitalization of an income flow into
value (usually used for commercial and industrial properties).
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· How is the
tax rate determined?
The tax rate is set by the Board of County
Commissioners and this rate is applied to the assessed value of each property. Example:
the county rate is $.61 per $100 of assessed value, so for a $100,000 home the tax amount
would be $610 (.61 x 100,000 /100 = $610).
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· What if I buy/sell my property
during the year?
The owner of the property as January 1 of the
current tax year is responsible for the taxes for the entire year. The Tax Office does not
prorate taxes; this should be taken care of between the buyer and the seller at the time
of the sale. Should the taxes become delinquent, N.C.G.S. 105-273(17)
now requires any forced collection action be pursued against the owner of
the property as of the date the taxes are past due or any subsequent owner
thereafter. This is effective for tax years 2006 and forward.
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· What
if I disagree with my assessed value?
You will need to call the Real Estate Appraisal
Office (704) 736-8670 and speak with one of the members of the staff to discuss
your concerns. If you are not satisfied with the decision of this informal review, you
have the right to file an appeal to the Board of Equalization and Review which convenes
annually in the month of April. If you are not satisfied with the Board's decision, you
may appeal to the North Carolina Property Tax Commission.
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· What properties
qualify for exemption or reduction of taxes?
There are several classifications of
"exempt" and "use value" property which are taxed at a deferred rate
until they are sold or no longer qualify for exempt or use value status (at which time the
owner will be billed for the deferred tax amount for the current year and the three
prior years) Property can be exempt if it is used for educational, charitable
or religious purposes. Property that is historical or used for farm or forestry
purposes may qualify for the Use Value Program. A property retains its historical status
until destroyed; present use value property will be reviewed on a four-year cycle to see
if it still meets the necessary requirements. Companies who are taking measures to reduce
air or water pollution or solid waste are eligible for a reduction of taxes. An AV-12
application must be filed every year to receive this reduction.
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· Is there a reduction of taxes
for elderly persons?
Anyone age 65 or older or totally and
permanently disabled with an income of no more than $25,000 can receive 50% exemption of
value or $25,000 which ever is the greater on their individually owned residence.
Applications must be filed no later than June 1.
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