Agenda - 09-02-2008 - 4e - Laserfiche WebLink

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• II. APPLICABLE STATUTES The Machinery Act of North Carolina, Subchapter II of the General Statutes of North Carolina govern the administration and assessment of property tax in this state. The following General Statutes are among those most directly associated with the appraisal and revaluation of real property. (For additional reference see the Machinery Act of North Carolina. ) G.S. 105 - 283. Uniform Appraisal Standards: "All property, real and personal, shall as far as practicable be appraised or valued at its true value in money. When used in this Subchapter, the words "true value" shall be interpreted as meaning market value, that is, the price estimated in terms of money at which the property would change hands between a willing and financially able buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of all the uses to which the property is adapted and for which it is capable of being used. For the purpose of this section, the acquisition of an interest in land by an entity having the power of eminent domain with respect to the interest acquired shall not be considered competent evidence of the true value in money of comparable land. " Determination by General Assembly - The North Carolina General Assembly, and no one else, determines how property in this State should be valued for purposes of ad valorem taxation. In substance, this section and 105-317 provide that all property shall be appraised at market value, and that all the various factors which enter into the market value of property are to be considered by the assessors in determining this market value for tax purposes. There may be reasonable variations from market value in appraisals of property for tax purposes if these variations are uniform.