REVALUATION PRESENTATION MOORE COUNTY REVALUATION PRESENTATION BY: JOHN EDMONDSON AND GARY BRIGGS

REVALUATION? WHAT, WHEN, WHO, WHY & HOW A REVALUATION IS A PROCESS OF APPRAISING ALL REAL PROPERTY FOR TAXATION PURPOSES AT 100% MARKET VALUE. COMPUTER ASSISTED MASS APPRAISAL EACH COUNTY IN NORTH CAROLINA IS REQUIRED TO PERFORM A REVALUATION AT LEAST EVERY EIGHT YEARS. THE REVALUATION WILL BECOME EFFECTIVE JANUARY 1, 2015

KEY STEPS IN THE REVALUATION PROCESS COST STUDY: COLLECT COST DATA FOR SUPPLY AND MATERIALS, AND REVIEW SALES OF VACANT AND IMPROVED PROPERTIES. NEIGHBORHOOD DILENIATION: ESTABLISH NEIGHBORHOODS OF LIKE PROPERTIES THROUGHOUT THE COUNTY. LAND PRICING: REVIEW SALES FOR VACANT PROPERTY TO ESTABLISH BASE LAND MODELS AND RATES VALUE REVIEWS: VISIT AND REVIEW THE NEWLY ASSIGNED VALUE FOR EACH PROPERTY

KEY STEPS CONTINUED EDITING: REVIEW OF CHARACTERISTICS AND VALUES FOR ALL PROPERTIES TO IDENTIFY POTENTIAL ERRORS PUBLIC RELATIONS: MEET WITH COMMUNITY CIVIC GROUPS AND HOMEOWNER ASSOCIATIONS NOTIFICATION: MAIL VALUE NOTICES TO OWNERS APPEALS PROCESS: INFORMAL, EQUALIZATION AND REVIEW BOARD, PROPERTY TAX COMMISSION BILLING: MAILING OF TAX BILLS

APPROACHES TO DETERMINING VALUES THERE ARE THREE BASIC APPRAISAL APPROACHES USED IN DETERMINING REAL VALUE. COST: WHAT IS THE COST OF MATERIALS, SUPPLIES, AND LABOR IN PRODUCING THE IMPROVEMENT INCOME: WHAT IS THE INCOME POTENTIAL OF A GIVEN PROPERTY IF USED COMMERCIALLY. A CAPITALIZATION RATE IS APPLIED TO THE NET YEARLY INCOME FOR THIS APPRAISAL TECHNIQUE MARKET: WHAT ARE SIMILAR PROPERTIES SELLING FOR ON THE OPEN MARKET

WHAT AFFECTS VALUE? LAND VALUE IS AFFECTED BY SEVERAL FEATURES: LOCATION ZONING SOIL QUALITY EASEMENT POTENTIAL USES POTENTIAL INCOME SIZE SHAPE

DETERMINING LAND VALUE SALES ARE THE BEST INDICATOR OF VALUE ONCE NEIGHBORHOODS HAVE BEEN ESTABLISHED THROUGHTOUT THE COUNTY, SALES WILL BE ANALYZED WITHIN EACH NEIGHBORHOOD. LAND CAN BE VALUED AS ACREAGE, AS SQUARE FOOTAGE, OR AS A LOT DEPENDING ON THE TYPE OF NEIGHBORHOOD IT IS IN

WHAT AFFECTS IMPROVEMENT VALUE ANY OR ALL OF THE FOLLOWING CAN HAVE AN AFFECT ON IMPROVEMENT VALUE SIZE AGE CONDITION MATERIALS USED QUALITY OF CONSTRUCTION USEFULNESS OF IMPROVEMENT DESIRABILITY ADAPTABILITY LOCATION POTENTIAL INCOME REPLACEMENT COST

WHAT VALUE WILL THE REVALUATION PRODUCE? THERE ARE THREE VALUES THAT WE ARE INTERESTED IN AS A RESULT OF THE 2015 REVALUATION. 1. MARKET VALUE 2. TAX VALUE 3. ASSESSED VALUE

MARKET VALUE THE VALUE IN TERMS OF MONEY THAT A PROPERTY WOULD SELL FOR BETWEEN A WILLING AND ABLE BUYER AND SELLER WITH NEITHER BEING UNDER ANY DURESS TO BUY OR SELL AND BOTH HAVING REASONABLE KNOWLEDGE OF THE USES FOR WHICH THE PROPERTY IS SUITED

WHAT IS TAX VALUE? AS OF JANUARY 1, 2015 THE TAX VALUE OF ANY GIVEN PROPERTY SHOULD RESEMBLE THE MARKET VALUE OF THAT PROPERTY. THE TAX VALUE OF A GIVEN PROPERTY REMAINS CONSTANT FROM ONE REVALUATION TO THE NEXT UNLESS MAPPING CHANGES OCCUR OR IMPROVEMENTS ARE ADDED OR TAKEN AWAY.

WHAT IS ASSESSED VALUE? AS OF JANUARY 1, 2015 THE ASSESSED VALUE AND THE TAX VALUE ARE THE SAME UNLESS THE PROPERTY IS IN THE USE VALUE PROGRAM OR HAS QUALIFIED FOR AN EXEMPTION OR EXCLUSION ALLOWED BY STATUES. THE ASSESSED VALUE IS THE VALUE THAT IS USED TO CALCULATE THE TAX BILL.

MOORE COUNTY FACTS 69,500 PLUS PARCELS OVER 690 NEIGHBORHOODS OVER 35,000 RESIDENTIAL IMPROVED PARCELS OVER 3,200 COMMERCIAL PARCELS

GET MORE INFORMATION WWW.MOORECOUNTYNC.GOV VISIT OUR REVALUATION WEB PAGE AT THE FOLLOWING ADDRESS: WWW.MOORECOUNTYNC.GOV Customer Service: 910-947-2255

THANK YOU THE END