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4 <br /> 1 Kirk Boone said the true value is estimated as of January 1St by county appraisers. He <br /> 2 said that sales comparisons are the gold standard for estimating true value. He said that <br /> 3 income approach is an estimate based on the future value. He said that every county appraiser <br /> 4 must understand the three approaches, as well as mass appraisals. He said that real property <br /> 5 appraisers must be certified, and county appraisers must be certified by the NC Department of <br /> 6 Revenue. <br /> 7 <br /> 8 Slide #6 <br /> Appraisal <br /> The connection Reappraisal <br /> Appraisal Reappraisal <br /> Market value as of a date Market value as of a date <br /> Usually one property All properties <br /> One appraiser Multiple contributors <br /> Appraiser must be Assessor and Appraisers <br /> certified must be certified <br /> The three approaches The three approaches <br /> USPAP Appraisal USPAP Appraisal <br /> Process Process <br /> Quality measured by Quality is measured by <br /> comparability of sales statistical testing <br /> 10 Kirk Boone said that the USPAP Appraisal Process is developed by the Appraisal <br /> 11 Foundation in Washington, D.C., which sets professional standards for appraisers. <br /> 12 Commissioner Richards asked if the four-year revaluation cycle is set by statute. <br /> 13 Kirk Boone said no. He said there are legal requirements and that prior to 1958, some <br /> 14 counties had not reappraised property in decades. He said the study committee found that not <br /> 15 reappraising caused inequities, and the General Assembly passed a law requiring revaluations <br /> 16 every 8 years. He said that in recent years, studies have found that 8 years is too long of a <br /> 17 period to wait for revaluation. He said that Orange County is on a 4-year cycle and Durham <br /> 18 County was previously on a 3-year cycle. He said that to go on an annual revaluation cycle <br /> 19 would be difficult due to the way North Carolina property tax laws are written. <br /> 20 <br /> 21 Slide #7 <br /> Reappraisal <br /> Legal Requirements Equity <br /> Equity is the driver of reappraisal <br /> m Pdor to 1959 <br /> -- 1958 Property Tax Study Committee <br /> — 1981 Property Tax Study Committee <br /> Since 1959 Counties must reappraise all <br /> real property as of January 1 at least once <br /> every 8 years. <br /> 22 <br />