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3 <br /> Appraisal <br /> What is Appraisal? <br /> Generally-An opinion of value. <br /> Legal Definition-The true value of <br /> property or the process by which true <br /> value is ascertained. <br /> The county assessor- has general charge <br /> of the listing,appraisal,and assessment of <br /> all property in the county in accordance <br /> with the provisions of law. <br /> Assessment—The tax value <br /> 2 Kirk Boone showed the Board books with all of the North Carolina tax laws. He showed <br /> 3 a book that was specifically for property tax laws, which was a significant portion of the overall <br /> 4 tax laws for the state. <br /> 5 <br /> 6 Commissioner Greene arrived at 7:08 p.m. <br /> 7 <br /> 8 Slide #4 <br /> Appraisal <br /> What is true value? <br /> The price estimated in terms of money at <br /> which the property would change hands <br /> between a willing and financially able <br /> buyer and a willing seller, neither being <br /> under any compulsion to buy or to sell and <br /> both having reasonable knowledge of all <br /> the uses to which the property is adapted <br /> and for which it is capable of being used. <br /> —NCGS 105-283 <br /> 9 � :_....... <br /> 10 <br /> 11 Slide #5 <br /> Appraisal <br /> True Value estimated <br /> True Value= Market Value, as of a date <br /> Market value vs. Market price <br /> Cost approach <br /> Sales Comparison approach <br /> Income approach <br /> Real property"appraisers"? <br /> 12 uw_._._. <br />