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15 <br /> SALES/ASSESSMENT RATIO adjusted property valuation.This approach is intended to result <br /> in more accurate valuations for small, rural counties where <br /> In North Carolina, most residential and commercial property is relatively few land transactions might have taken place during <br /> revalued once every eight years. Prior to 1984 it was difficult any given year. <br /> to compare tax wealth and effort because of this impediment <br /> to estimating the market value of property valuations. In 1984 OTHER REVENUE SOURCES <br /> the Department of Revenue completed its first statewide Sales/ <br /> Assessment Ratio Study,comparing the market value of recently The primary source of local revenue is property taxes. In addition <br /> sold property with its assessed value. Using the ratio of assessed to property taxes,this study includes a county's share of local <br /> property value to market value,the Department calculated an option sales taxes and fines and forfeitures.Allotments from the <br /> adjusted property tax rate for each county.The longer it has ADM fund and grants for school construction have been removed <br /> been since a county has undergone reevaluation,the more likely to isolate capital spending. Finally,11 counties have supplemental <br /> it is that the market value of property in the county exceeds its school taxes,with additional revenue totaling over$69 million in <br /> assessed valuation. 2017-18(See table 2). <br /> Rapidly growing communities have numerous demands on public <br /> services,and the demands tend to outstrip land value increases. <br /> Therefore,to meet the increase in demands for additional <br /> services, local officials must either revalue property more often <br /> or raise taxes. In an effort to make this study as accurate as <br /> possible,a three-year weighted average is used to calculate the <br /> rrr.owr�irrr�rrwArwNwwl�ww ,,,Y", <br /> `sP <br />