Agenda - 02-01-2011 - 6b - Laserfiche WebLink

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1 in the adjoining counties shall be recorded in the county to which the property has been 2 reassigned by this Act. 3 SECTION 4.(b) All public records related to residents and property in areas 4 affected by the resurvey of the boundary line, which were filed or recorded prior to July 1, 5 2011, in the adjoining counties, shall remain in those respective adjoining counties where filed 6 or recorded, and such records shall be valid public records as to the property and persons 7 involved even though they are recorded in an adjoining county which is, a county where the 8 property is no longer located as evidenced by the 2008 North Carolina Geodetic Survey and the 9 subsequent partial resurvey pursuant to section 7 of this act. 10 SECTION 4.(c) On and after July 1, 2012, all real and personal property in areas 11 affected by the resurvey of the boundary line, which was subject to ad valorem Nation on 12 January 1, 2012, shall be subject to ad valorem taxes in the county to which the property is 13 reassigned for the fiscal year beginning July 1, 2012, to the same extent as it would have been 14 had it been correctly recognized by the tax departments of each county on January 1, 2012, 15 except as hereinafter provided with respect to classified registered motor vehicles. On July 1, 16 2011, the adjoining County Tax Administrators shall transfer to the respective County Tax 17 Assessors the ad valorem tax listings and valuations for all real and personal property subject to 18 ad valorem taxation in areas affected by the resurvey of the boundary line except classified 19 motor vehicles which were registered in the adjoining counties prior to July 1, 2011. For the 20 fiscal year which begins July 1, 2011, all real and personal property in areas affected by the 21 resurvey of the boundary line, which was subject to ad valorem taxation in that area on January 22 1, 2012, shall be assessed and taxed as follows: 23 (1) The ad valorem property taxes assessed on all classified registered motor 24 vehicles registered or listed in adjoining counties between January 1, 2011, 25 and March 1, 2012, shall be collected by the appropriate adjoining county 26 tax collector and all such taxes shall be retained by that adjoining county. 27 The taxes on all classified registered motor vehicles registered after March 1, 28 2012, shall be assessed and collected by the County Tax Department in the 29 county to which the real property wherein the classified registered motor 30 vehicles are situated has been reassigned. 31 (2) The values established by the particular adjoining County Tax Administrator 32 on all personal property other than classified registered motor vehicles shall 33 be used by the each County Tax Assessor without adjustment in computing 34 taxes due for the fiscal year beginning July 1, 2012. All such taxes shall be 35 assessed and collected by the appropriate County Tax Department. 36 (3) For the interim time period between the reassignment of properties into their 37 respective counties and until such time as the next regularly scheduled 38 revaluation period, Alamance County and Orange County may select either 39 of two methods of valuating the property reasigned into their respective 40 counties by this act. The selection of either method by a County shall not 41 give any individual or entity grounds for challenging such temporary 42 valuation. Such methods are delineated as follows: 43 a. The values established by the adjoining County Tax Administrators 44 on all real property formerly taxed in their county shall be adjusted 45 by the appropriate County Tax Assessor by applying the difference 46 between one hundred percent (100%) of such values and the 47 appropriate County median ratio, as established by the Sales 48 Assessment Ratio Study compiled by the North Carolina Department 49 of Revenue as of January 1, 2009. The taxes determined by applying 50 this method will be collected and retained by the appropriate County 51 Tax Collector. The value of such property shall then be revalued 2 6