Agenda - 01-19-1988 - Laserfiche WebLink

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; .• IL _. ., - NORTH CAROLINA GENERAL ASSEMBLY LEGISLATIVE SERVICES OFFICE 2129 STATE LEGISLATIVE BUILDING RALEIGH 27611 GEORGE R. HALL. JR. LEGISLATIVE ADMINISTRATIVE OFFICER '' 4A-STA�a`• TELEPHONE:(919)733-7044 �"$�d "s GERRY F. GOHEN, DIRECTOR �A & '. M. GLENN NEWKIRK, DIRECTOR LEGISLATIVE DRAFTING DIVISION tf r LEGISLATIVE AUTOMATED SYSTEMS DIVISION TELEPHONE:(91 9)733-6660 TELEPHONE:(91 9l 733-6834 THOMAS L. COVINGTON.DIRECTOR TERRENCE D. SULLIVAN. DIRECTOR ra,�n. FISCAL RESEARCH DIVISION _ RESEARCH DIVISION TELEPHONE:(919)733-4910 . 4 TELEPHONE: (919)733-2578 10-DEC-87 MEMORANDUM TO: Association of County Commissioners FROM: Martha Harris, Counsel 1 � - Property Tax System Study Commission SUBJECT: Real Property Transfer Statements The Property Tax System Study Commission requests the Association of County Commissioners to poll the Boards of County Commissioners in . the State regarding the following question and to report the results of the poll to the Study Commission. REASON FOR QUESTION: As part of the School Facilities Finance Act of 1987 , the General Assembly now requires the Department of Revenue to make annual sales/assessment ratio studies in every county, and such studies must be conducted in accordance with generally accepted principles and procedures . The results of these studies will be used in allocating the proceeds of the Critical School Facility Needs Funds and to adjust the values of public service company property, as required by law. In order to more effectively carry_._oat theserequir-eme-n-t ,, and—to— -- avoid unnecessary litigation, the Department of Revenue has requested that some type of information statement be required when real property deeds are recorded. A number of counties already require these statements . The statements are needed to establish that sales are truly "arm' s length" transactions. QUESTION: Whether the Board of County Commissioners would support legislation that required the filing of a real property transfer information statement before a deed could be recorded. The statement could be a separate sheet or part of the deed. The statement would contain ( 1 ) the name and address of the seller or grantor, ( 2 ) the name and address of the buyer or grantee, and ( 3 ) the total consideration given for the property, including the amount of any loan assumed. The information in the statement would be confidential and could not be disclosed to the public or used for any purpose other than conducting sales-assessment ratio studies or defending appraisals in tax appeals .