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6 <br /> Slide #10 <br /> Reappraisal <br /> Why Reappraise often ? Equity <br /> Low Income Owners FE10 Income owners <br /> }errs-7L of-arke[value <br /> mledian Median Median medmn Median Median 'aw If wme bw9Atr1&e <br /> Aiseiw sal+s saes FSeSSW A7erbrt1 Sarei -ASSM 41over <br /> Value price p�ri0 Wkk valve NAU�vllgn in0prrecwflets <br /> Ya.1r <br /> RQaapralsal MH IMAM A0,000 Lc" L91CMD iqc,offll M ahs <br /> 203A 1WPM 1I1ZDXI 0.Sa9 1 OU 1 cU0 2% <br /> 2715 WOOD 164 0.S TS 190,00 KLZOm U= 4% <br /> 257E I MOOD L&6J00C a%5 L90,Lrm za 000 L,.4t3 6% <br /> n37 IM000 1&IXXU 0.557 190.00 214,000 o.an B!6 <br /> 2D33 190,M! 190)X(l QS-07 19gm0 32g000 G.afi4 109t <br /> 2919 I-D t 9 19,)XU HE 194.MV ZD%000 G.341 12% <br /> 2�O�G IV ow 0 15i'm G.92s1 3M.Ma nZwol G.M19 11% <br /> �ODGrEiill 20�L 19�.C�0 195� LWU �d}Q �A6 <br /> ThI¢gW4rm9F Yn034-oh-grq diLPOG?4Iq Ingpm a 10 UWQV LvCuld r,?np Sq IMGSt In pMpVtlej with jrgWWr;ppWliklgn <br /> Kirk Boone said he was at a conference recently where people from the Lincoln Institute <br /> of Land Policy said that the most fair and equitable way to administer a property tax is through <br /> sound assessment and appraisal principles, and frequent revaluation accompanied by adjusting <br /> the tax rate. He said that values go up, which are captured in a reappraisal. He said that the <br /> Board can adjust the tax rate to collect the same amount of property tax. He said that high <br /> income areas tend to have property that appreciates more quickly. He said investors tend to <br /> buy in areas where there would be the quickest appreciation. He said that assessed values <br /> must stay the same until the next reappraisal. <br /> Commissioner Richards said that property owned by investors versus properties that are <br /> owner-occupied are not considered differently. <br /> Kirk Boone said that is correct. <br /> Commissioner Richards asked if that was factored into the assessment at all. <br /> Kirk Boone said that is not factored into the value. He said it is certainly an issue for <br /> local governments. <br /> Commissioner Richards said it is an issue in Orange County because of investors <br /> purchasing homes in the Northside neighborhood, and she felt it contributed to reappraisal <br /> issues <br /> Kirk Boone said that in North Carolina what they have seen is that investors are <br /> purchasing single-family residences. He said in Mecklenburg County, 90% of single-family <br /> homes under $400,000 in value are corporate owned. <br /> Commissioner Richards asked how that is taken into account. <br />