Orange County NC Website
Browse       Search
4 <br /> Kirk Boone said the true value is estimated as of January 1 st by county appraisers. He <br /> said that sales comparisons are the gold standard for estimating true value. He said that <br /> income approach is an estimate based on the future value. He said that every county appraiser <br /> must understand the three approaches, as well as mass appraisals. He said that real property <br /> appraisers must be certified, and county appraisers must be certified by the NC Department of <br /> Revenue. <br /> 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 /> Kirk Boone said that the USPAP Appraisal Process is developed by the Appraisal <br /> Foundation in Washington, D.C., which sets professional standards for appraisers. <br /> Commissioner Richards asked if the four-year revaluation cycle is set by statute. <br /> Kirk Boone said no. He said there are legal requirements and that prior to 1958, some <br /> counties had not reappraised property in decades. He said the study committee found that not <br /> reappraising caused inequities, and the General Assembly passed a law requiring revaluations <br /> every 8 years. He said that in recent years, studies have found that 8 years is too long of a <br /> period to wait for revaluation. He said that Orange County is on a 4-year cycle and Durham <br /> County was previously on a 3-year cycle. He said that to go on an annual revaluation cycle <br /> would be difficult due to the way North Carolina property tax laws are written. <br /> Slide #7 <br /> Reappraisal <br /> Legal Requirements Equity <br /> a Equity is the driver of reappraisal <br /> —Prior 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 />