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

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Use of "Book Value" - There is no statutory authority that permits the County Assessor, as a per se rule, to equate "book value" with true value in money as a uniform measure of assessment for purposes of ad valorem tax valuation. Taxation To Be in Proportion to True Value of Property. The Purpose of the statutory requirement that all property be appraised at its true value in money is to assure, as far as practicable, a distribution of the burden of taxation in proportion to the true values of the respective taxpayers' property holdings, whether they be rural or urban. The fundamental rule of valuation is actual market or "true value." There is no distinction between owners of real and personal property as to their right to insist upon equality of valuation or as to their standing to pursue the remedies provided in the Machinery Act for error in the valuation of properties. Ad valorem tax assessments are presumed to be correct, and when such assessments are challenged, the burden of proof is on the taxpayer to show that the assessment was erroneous. G.S. 105-284 . Uniform Assessment Standard 1 All property, real and personal, shall be assessed for taxation at the valuation established under G.S. 105-283 or G.S. 105-277. 6, and taxes levied by all counties and municipalities shall be levied uniformly on assessments determined in accordance with this section. G.S. 105-286. Time for General Reappraisal of Real Property: (a) Octennial Plan - Unless the date shall be advanced as provided in subdivision (a) (2) , below, each county of the State, as of January 1 of the year prescribed in the schedule set out in subdivision (a) (1) , below, and every eight years thereafter, shall reappraise all real property in accordance with the provisions of G.S. 105-283 and 105-317 .