Minutes-10-03-2023-Business Meeting

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23 Nancy Freeman said this form was sent to all property owners and asked them to tell them if it was not correct. She said they have done this during the last three valuations. Commissioner Portie-Ascott asked if a resident might have complained because the information was incorrect. Nancy Freeman said they may have noticed that it was incorrect and then the changes are made, but from that point forward. She said they cannot make it retroactive. She said they are not required to send the form back, but they received about 2,200 back for the 2021 revaluation. She said that it was very helpful, and it was sent out a year earlier this year. Commissioner Hamilton asked if you could look up your property online to see if you filled out the form. Nancy Freeman said there is a way to review characteristics of property online and to send messages directly to tax office. She said they are anticipating a similar number of appeals. Slide #9 Revaluation Process • Properties are appraised at 100%market value at the time of the revaluation, Data is reviewed From the most recent qualified sales leading up to the revaluation date. • The Schedule ofYafuies is a manual to describe and document the methodology and procedures for appraising real estate at market value at the time of the county's most recent revaluation. • In order to reappraise all parcels at the same time as of the same date,mass appraisal is used. It Is the process of grouping uniform or similar properties together to ensure fair and equitable property values, and Is used by all North Carolina counties to conduct a reappraisal. • Real property values remain the same until the next reappraisal.unless physical changes are made to the property during non-reappraisal years. • New buildings and other improvements are appraised according to the percentage of completion on January I of each year and are valued according to the Schedule ofValues to reflect the value as of the most recent revaluation date.