2010 Onslow County Revaluation 1

PRESENTED BY ONSLOW COUNTY __________________ APPRAISAL DEPARTMENT Harry Smith TAX ADMINISTRATOR David CrenshawAPPRAISAL DIRECTOR 2

What is Reval? The process of conducting a mass appraisal of all real estate parcels in the County, in order to create a fair and equitable tax base. 3

Why Do We Do It? The Assessors Office is responsible for valuing all types of property subject to taxation: Real Estate, Personal Property, and Motor Vehicles. Over time, real estate values change at different rates, causing inequities in the tax base. The revaluation process is designed to adjust all property values back to current market values, creating equity and a fair distribution of the tax burden. 4

Onslow County Reval History Conducted every eight years by Octennial Plan through 1992 Advanced cycle in 1990’s to do 6 year reval, then 4 years thereafter Current resolution is for 4 year reval beginning in

Revaluation Process Review property Characteristics Collect, verify, and analyze sales data Develop Schedule of Values Statistical testing Mass Appraisal Guidelines IAAO NC Department of Revenue 6

Revenue Neutral Disclosure Adopted in 2003 Legislative Session Must be included in Budget Document for Comparative Analysis 7

How do we let the public know? G-10 TV Public Information Presentations Newspaper Insert County website 8

NBHD-2223 Twp: Jacksonville Sold 02/27/2009 -$210, % INCREASE Parcel – Assessed Value-$184,114 9

NBHD-2463 Twp: Jacksonville Sold 06/09/2009 -$95, % INCREASE Parcel – Assessed Value-$68,566 10

11 NBHD-2267 Twp: Jacksonville Sold 05/01/2006 -$258,000 Sold 06/26/2009 -$240, % INCREASE Parcel – Assessed Value-$238,972

12 NBHD-2274 Twp: Jacksonville Sold 10/24/2005 -$149,500 Sold 08/14/2009 -$160,000 12% INCREASE Parcel – Assessed Value-$142,436

Parcel – Assessed Value-$108,970 NBHD-1129 Twp: Richlands Sold 09/02/2009 -$142,500 Sold 01/11/2006 -$110, % INCREASE 13

NBHD-1138 Twp: Richlands Sold 09/09/2009 -$172,000 23% INCREASE Parcel – Assessed Value-$139,758 14

NBHD-617 Twp: White Oak Sold 07/13/2009 -$116, % INCREASE Parcel – Assessed Value-$74,715 15

NBHD-609 Twp: White Oak Sold 06/03/2009 -$219, % INCREASE Parcel – Assessed Value-$173,479 16

NBHD-591 Twp: White Oak Sold 05/28/2009 -$220,000 19% INCREASE Parcel – Assessed Value-$184,204 17

NBHD-4350 Twp: Swansboro Sold 09/04/2009 -$136,500 3 % INCREASE Parcel – Assessed Value-$133,078 18

NBHD-4281 Twp: Swansboro Sold 07/01/2009 -$370, % INCREASE Parcel – Assessed Value-$320,233 19

NBHD-4295 Twp: Swansboro Sold 08/07/2009 -$527, % INCREASE Parcel – Assessed Value-$395,352 20

NBHD-4045 Twp: Swansboro Sold 05/20/2009 -$485, % INCREASE Parcel – Assessed Value-$440,529 21

NBHD-3101 Twp: Stump Sound Sold 08/19/2009 -$570,000 Sold 03/02/2005 -$470, % DECREASE Parcel – Assessed Value-$684,070 22

NBHD-3312 Twp: Stump Sound Sold 04/14/2009 -$219, % INCREASE Parcel – Assessed Value-$190,362 23

NBHD-3067 Twp: Stump Sound Sold 09/11/2009 -$80, % DECREASE Parcel – Assessed Value-$122,841 24

NBHD-3030 Twp: Stump Sound Sold 08/14/2009 -$625, % DECREASE Parcel – Assessed Value-$777,567 25

NBHD-3020 Twp: Stump Sound Sold 09/18/2009 -$235, % DECREASE Parcel – Assessed Value-$323,967 26

NBHD-3000 Twp: Stump Sound Sold 07/09/2009 -$425,000 32% DECREASE Parcel – Assessed Value-$629,339 27

Revaluation-Why? 28 Onslow County is charged by the State of North Carolina with the task of determining the market value of property subject to Ad Valorem (according to value) taxes within it’s jurisdiction. The two categories of property are real and personal.

Real Property 29 North Carolina General Statute 105, Subchapter II, requires that all real property must be reassessed at least every eight years. This is referred to as the “Octennial Cycle”. The Onslow County Board of Commissioners, by resolution, has adopted a more frequent reappraisal of property. The purpose of the revaluation is to equalize market values and ensure equitable assessments within Onslow County.

Personal Property 30 Personal property is revalued on an annual basis. Some examples are motor vehicles, boats, trailers, airplanes, etc.

Assessed value of taxable property - FY

In-House Revaluation 32 This is the third in-house revaluation to be performed in Onslow County. In 1992, the Onslow County Board of Commissioners established a Revaluation Department in the Tax Office and charged the staff with conducting the next county-wide reappraisal of all real estate.

Appraisal Staff 33 All staff Appraisers are certified by the North Carolina Department of Revenue as County Real Property Appraisers. Continuing education is required in order to maintain certification.

MOST FREQUENTLY ASKED QUESTIONS ? 34

We will hold informal hearings with the property owner. During this meeting the property record card is reviewed. An on site inspection may be necessary. Keep in mind that when we review your property our appraisal may go up, go down, or stay the same. The review process may take up to 30 days or more to complete. You will be notified by mail if there is a change. What if I disagree with the assessed value? 35

Formal hearings will be conducted by the Onslow County Board of Equalization and Review. The board is comprised of professional Real Estate Appraisers and Real Estate Brokers. The owner will present his case. The board will make its decision and notify the owner in writing. Request a Formal Hearing 36

North Carolina Property Tax Commission is a division of the Department of Revenue. The owner will present his case. The Property Tax Commission will make a decision and notify all concerned. Appeals 37

How to support your view 38 Have a recent copy of a fee appraisal (within the last year) used for the sale, refinancing of a mortgage, or home equity loan. Pictures to show conditions inside and outside of the property. Comparative sales in the neighborhood.

Why did my property value change so much from last year? The values used for last year’s tax billing were established in the last revaluation in This means that all sales of older homes and new construction were valued at the 2006 schedule of value rates. The 2010 revaluation values will be based on sales of Real Property which occur in The purpose of the revaluation is to equalize property values, not to increase tax revenue. 39

How much will my taxes change? The revaluation establishes total assessed value of all properties in Onslow County. The amount of taxes are influenced by the revenue requirements of the county budget. The tax rate is determined by the Board of County Commissioners. 40

When will the new value take effect? The effective date of the new assessed value is January 1, This value will be the basis for the tax bills mailed in July 2010 and due in September of

Additional Questions ? 42