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DRAFT <br /> Presentation: Commercial Assessment Review <br /> Presenter: Paul Snow, MAI and President of Analytical Consultants <br /> Overview of Presentation <br /> 1. Assessment Ratio as Baseline <br /> 2. Commercial# Residential <br /> 3. Market Increases vs Assessment Increases <br /> 4. Appeals Process Outcomes <br /> 5. Questions <br /> Conclusion of Presentation <br /> 1. Baseline ASR*figures indicated need for significant correction. <br /> 2. This correction was provided in part by an aggressive but accurate commercial assessment. <br /> 3. Total appeal reductions were lower than predicted. <br /> 4. 2025 ASR recorded by NC Department of Revenue is within standards. <br /> *Assessment Ratio (ASR) =Assessed Value- Market Sales Price <br /> Summary of Topics Covered and Discussed: <br /> Definition and Classification of Multifamily <br /> Clarified that 5+ units are considered multifamily; 2-4-bedroom houses are typically classified as <br /> single-family, even if multiple people live there. <br /> Neighborhood Impacts and Concern <br /> Concern was raised that some homes are being operated like apartments (multiple separate <br /> households)while appearing as single/multifamily houses, potentially driving up prices for private <br /> homeowners. <br /> Identification, Reporting, and Classification of Rental Use <br /> Commissioner Fowler noted efforts to subdivide neighborhoods and emphasized the importance <br /> of notifying the Tax Office when properties appear to be used differently than their current <br /> classification. Steven "Chad" Phillips from the Tax Office explained that their approach to <br /> identifying rental-type use is applied countywide whenever the office is made aware of such <br /> properties; however, properties not reported or identified-cannot be classified appropriately until <br /> they come to the office's attention. <br /> Conflict of Interest Discussion <br /> 2 <br />