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6 <br /> 1 Slide #10 <br /> Reappraisal <br /> Why Foften Equity <br /> Ww Income Ovyntrs <br /> Perre7t of rriarket ralue <br /> Wedian Median Mlediar Medan Median tNexlrer� have ans`came Lnay1•-r•we <br /> Assess-d `sates sAi Aa Sosed V181 el - .. <br /> Volk* Rrir,� fi kl�i.U. 'Val%i� Valyl aa�••.• acre <br /> 3' 1 1HQ I.CaC45 kN, 190CatD9 <br /> 1-4 f 1 1 0.939 190.E 196 <br /> - <br /> 3?_s{ IDVM 1 0 9 19Q,1� <br /> _�:a J:1§4,.00d IDWO CLSE1 t 98.,E + 4$.a]pp 13.913 SIX <br /> lwd)cc 1F.$,�C B 0.r�� 198,.888 314,.088 <br /> _a-;:J 1B cca 1190)Xc 0..54' 198;®8 220,088 10% <br /> '-7=e I 19pm 19z.C��A 0.5n5 19O.W4 mcm U% <br /> 20c 1004 1904A Gkwia 194,t�0G49 1r4 <br /> 9 60fWaiial 2WL1 Mml1 3N Diu <br /> 7h=. 7i£af"ti9 F thoW-alh rngrq 0iipe-Wbig arC$r at}74 arrmW akpylq t*ngl W irrAQSt las propgInlin wr1h jr4pat9r ipni4gl;l;lM <br /> 3 Kirk Boone said he was at a conference recently where people from the Lincoln Institute <br /> 4 of Land Policy said that the most fair and equitable way to administer a property tax is through <br /> 5 sound assessment and appraisal principles, and frequent revaluation accompanied by adjusting <br /> 6 the tax rate. He said that values go up, which are captured in a reappraisal. He said that the <br /> 7 Board can adjust the tax rate to collect the same amount of property tax. He said that high <br /> 8 income areas tend to have property that appreciates more quickly. He said investors tend to <br /> 9 buy in areas where there would be the quickest appreciation. He said that assessed values <br /> 10 must stay the same until the next reappraisal. <br /> 11 Commissioner Richards said that property owned by investors versus properties that are <br /> 12 owner-occupied are not considered differently. <br /> 13 Kirk Boone said that is correct. <br /> 14 Commissioner Richards asked if that was factored into the assessment at all. <br /> 15 Kirk Boone said that is not factored into the value. He said it is certainly an issue for <br /> 16 local governments. <br /> 17 Commissioner Richards said it is an issue in Orange County because of investors <br /> 18 purchasing homes in the Northside neighborhood, and she felt it contributed to reappraisal <br /> 19 issues <br /> 20 Kirk Boone said that in North Carolina what they have seen is that investors are <br /> 21 purchasing single-family residences. He said in Mecklenburg County, 90% of single-family <br /> 22 homes under $400,000 in value are corporate owned. <br /> 23 Commissioner Richards asked how that is taken into account. <br />