2015 revaluation

8/10/2019 2015 Revaluation

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NCGS 105-286 & 105-283

Requires Counties to

Establish market values

Value must be at or

near 100% of current

market valueUtility companies requires

values to be between 90-100%

of market values

To reflect changes in

the market conditions


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Appraisal Process

Collect & Review Sales

Route all 369 County Maps

Map Sales From 2013 & 2014

Analyze Construction Cost

Develop Land Pricing Model

Develop Schedule of Values

Apply Schedule of Values to Properties


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Appraisal Process Continued

Visit Properties Review Sales to Comparable Properties

Identify Any Areas of Concern

Correct any Concern Areas

Send Notice of Value to Property Owner

Receive Any Informal Appeals and Review Send Notice of Change

Begin Taking Formal Appeals to Board of Equalization

Set Hearing Dates and Times

After all Hearings send Notice of Change from Board of E&R

Property Owners then have 30 Days to Appeal to Property TaxCommission in Raleigh, NC


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Comparable Sales Approach: Subject property iscompared with similar properties that have recently sold.

Income Approach: This approach uses income derived fromsimilar properties in the same area. Income is not the valuethat individual business generate but what similar income

producing properties will produce. An Example would be that

all Two Bedroom apartments rent for $500 monthly in a given

location thus the value of a 20 unit apartment can bedetermined.

Cost Approach: Construction cost less depreciation

THREE APPROACHES TO VALUE


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MARKET VALUE

Market value is themost probableselling price that aproperty will bringin a competitiveand open marketwith both the buyer

and seller beingmotivated and wellinformed.


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The most obvious is anaddition or remodelingof a structure.

Supply and Demand ina particular type ofproperty.

The local economy andthe factors that

determine its stability. Cost of replacing or

building similarstructures.


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Countys Growth RateHas Led WNC ForPast Twenty Years

County Leads WNC InSales Growth

Population IsExpected To Continue

To Rise1980 1990 2000 2020

1980

20000

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Population Growth

1980

1990

2000

2020


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0

5000

10000

15000

20000

25000

30000

35000

40000

45000

1991 1999 2001 2014

1991

1999

2001

2014


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REAL ESTATE MARKET INDICATORS


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EXCLUSIVE HOME SALES


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REAL ESTATE MARKET ACTIVITYCode 2014 2013 2012 2011 2010

A - TWO OR MORE PARCELS 190 215 175 155 192

B - OTHER IMPROVMENTS INCLUDED 5 2 - - 9

C - REVENUE STAMPS < $6.00 ($3,000) 1,023 1,196 1,143 942 1,014

D - DATE OUT OF RANGE - - - - -

E - RELATIVE OR BUSINESS 74 42 40 218 57

F - CONVEYING INTEREST ONLY 7 7 3 4 5

G - LIFE ESTATE OR OTHER INTEREST 18 3 1 1 5

H - GRANTOR POSSESSION - - - - -

I - GOVT, LENDING, UTILITY 94 126 158 317 107

IC - IMP COMM 16 9 11 6 9

IR - IMP RESIDENTAIL 411 461 325 257 236

J - TAX EXEMPT 6 12 2 9 -K - CHURCH OR SCHOOL 2 2 7 4 3

M - IN MORE THAN ONE COUNTY - 3 - - 2

MR - MANF HOME 64 53 48 34 41

O - INCLUDES PERSONAL PROPERTY 2 2 - 2 5

P - FORCED SALE OR AUCTION 45 57 52 15 2

R - TRADE OR EXCHANGE - - - 1 -

TC - TOWNHOUSE/CONDO 24 23 18 7 10

VC - VACANT COMMERCIAL 1 8 2 2 2

VR - VACANT RESIDENTIAL 163 190 92 120 148X - OTHER 25 57 112 91 72

TOTAL 2,170 2,468 2,189 2,185 1,919

VALID 679 744 496 426 446

INVALID 1,491 1,724 1,693 1,759 1,473

VALID SALES 2014 2013 2012 2011 2010

SALES > $500,000 63 52 49 34 29

SALES > $1,000,000 25 11 15 6 14


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2014 TAX VALUE OF ALL PROPERTY

$ 9,348,950,012

2014 TAX VALUE x .00279

TOTAL TAXES $26,083,570

REVENUE NEUTRAL TAX RATE


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2015 TOTAL REAL ESTATE VALUE $ 7,733,733,213

2015 ESTIMATE PUBLIC SERVICE $ 130,000,000

2015 ESTIMATE MOTOR VEHICLES $ 271,595,000

2015 SUB TOTAL $ 8,135,328,213

LESS APPEALS VALUE $ (100,000,000)

LESS HOMESTEAD EXCLUSSION $ ( 70,000,000)

NET TOTAL NEW TAX VALUE $ 7,965,328,213

ROUND TO $ 7,965,000,000


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$ 7,965,000,000

OVERALL DECREASE OF VALUE:14.80%

$7,965,000,000 / 9,348,950,012

REAL ESTATE ONLY DECREASED14.52 %

$ 7,563,733,213 / 8,848,875,468


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TAX REVENUE NEEDED/TOTAL VALUE

$26,083,570 / $7,965,000,000 = .003274

ROUNDED TO$ .0033


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2007 VALUES & TAXESCOMPARED TO

2015 VALUES & TAXES


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2007 Value $ 316,270

2014 Tax Rate .00279

Base Tax $ 882

2015 Value $ 260,500

Est. Tax Rate .0033

Base Tax $ 859Savings $ 23

Decrease of 2.6%

PIN # 7438986076


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PIN # 7438-97-6569

2007 Value $ 148,040

2014 Tax Rate .00279

Base Tax $ 413

2015 Value $ 100,880

Est. Tax Rate .0033

Base Tax $333

Savings $ 80

Decrease of 20%


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PIN # 7530-93-7003

2007 Value $1,166,770

2014 Tax Rate .00279

Base Tax $3,255

2015 Value $ 907,620

Est. Tax Rate .0033

Base Tax $2,995Savings $ 260

Decrease of 8%


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PIN # 6580-49-7864

HOUSE & 17.43 ACRES

2007 Value $522,040

2014 Tax Rate .00279

Base Tax $1,456

2015 Value $396,170

Est. Tax Rate .0033Base Tax $1,307

Savings $149

Decrease of 10.4%


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PIN # 7540-41-2457

2007 Value $ 182,780

2014 Tax Rate .00279

Base Tax $ 510

2015 Value $ 220,000

Est. Tax Rate .0033Base Tax $ 726

Increase of $ 216

Increase of 42.35%


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PIN # 6581-70-0263

2007 Value $ 115,510

2014 Tax Rate .00279

Base Tax $322

2015 Value $111,450

Est. Tax Rate .0033

Base Tax $368

Increase $46

Increase of 14.3%


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PIN # 7550-23-4331

2007 Value $ 14,155,100

2014 Tax Rate .00279

2014 Base Tax $ 39,493

2015 Value $ 10,190,130

Est. Tax Rate $ .0033

Base Tax $ 33,628Decrease $ 5,865

Decrease of 14.85%


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Things to Remember

Values must be set at 100% ofMarket Value.

Value may or may not be whatthe owner has invested in theproperty.

Different classes of properties

change at different rates.

Location or demand on certaintypes of properties will affectvalues differently depending on

the market.

Percentage of increase is not areason for an appeal.

Burden of proof is on taxpayerto show that property isexcessively overvalued.

NC courts have ruled that tax

assessments are assumed tobe correct and are accepteduntil proof is provided to thecontrary.


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Summary of Important Information

Values will be finalized by December 2014

Notices will be mailed in January 2015

Appeal information will accompany the notice of value

Informal appeals must be a written appeal supported withdocumentation of value

Board of Equalizations starts April 2015


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2015 VALUATION BY TOWNSHIPS

TWP TOTAL PCLS 2007 Taxable 2015 Taxable $ DIFF % CHG

FRANKLIN 8,282 1,103,872,780$ 924,939,240$ (178,933,540)$ -16.21%

MILLSHOAL 3,704 389,495,910$ 317,270,230$ (72,225,680)$ -18.54%

ELLIJAY 3,203 370,791,250$ 300,883,180$ (69,908,070)$ -18.85%SUGARFORK 1,518 221,051,440$ 174,230,050$ (46,821,390)$ -21.18%

HIGHLANDS 3,999 2,051,601,730$ 1,787,614,120$ (263,987,610)$ -12.87%

FLATS 1,185 321,882,710$ 237,907,640$ (83,975,070)$ -26.09%

SMITHBRIDGE 4,480 578,994,680$ 459,072,710$ (119,921,970)$ -20.71%

CARTOOGECHAYE 3,146 442,611,210$ 370,669,510$ (71,941,700)$ -16.25%

NANTAHALA 2,476 433,406,203$ 342,897,923$ (90,508,280)$ -20.88%

BURNINGTOWN 1,279 161,007,280$ 122,791,970$ (38,215,310)$ -23.74%

COWEE 3,722 439,669,325$ 328,730,700$ (110,938,625)$ -25.23%

FRANKLIN CITY 2,527 628,336,480$ 618,201,480$ (10,135,000)$ -1.61%

HIGHLANDS CITY 2,927 1,800,491,780$ 1,746,013,960$ (54,477,820)$ -3.03%

42,448 8,943,212,778$ 7,731,222,713$ (1,211,990,065)$ -13.55%

PROJECTED 2007 2015 LOSS

TAX BASE 8,946,116,838$ 7,733,733,213$ -13.55%

TAX RATE 0.00279 0.00323 1,212,383,625$

TAX $ 24,959,666$

Trend

FRANKLIN 1,103,481,410 -16.21% (178,870,100.43)

MILLSHOAL 390,149,280 -18.54% (72,346,836.84)

ELLIJAY 370,413,680 -18.85% (69,836,883.88)SUGARFORK 220,966,150 -21.18% (46,803,324.54)

HIGHLANDS 2,054,187,930 -12.87% (264,320,386.46)

FLATS 321,887,220 -26.09% (83,976,246.60)

SMITHBRIDGE 578,940,960 -20.71% (119,910,843.46)

CARTOOGECHAYE 442,539,120 -16.25% (71,929,982.54)

NANTAHALA 432,822,513 -20.88% (90,386,387.93)

BURNINGTOWN 161,871,270 -23.74% (38,420,379.27)

COWEE 439,877,355 -25.23% (110,991,115.73)

FRANKLIN CITY 628,291,760 -1.61% (10,134,278.67)

HIGHLANDS CITY 1,800,688,190 -3.03% (54,483,762.81)

8,946,116,838 -13.55% (1,212,383,625.12)

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MACON COUNTY NORTH CAROLINA


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MACON COUNTY, NORTH CAROLINANOTICE OF PROPERTY REVALUATION

THIS IS NOT A BILL

MACON COUNTY TAX ADMINISTATOR5 W MAIN STREETFRANKLIN, NC 28734RETURN SERVICE REQUESTED

PIN #: Acreage/Lot: Date of Notice

Market Value: Deferred Value: Net Total Value:

YOU ARE HEREBY NOTIFED THAT AS OF01/01/2015 YOUR ASSESSED VALUE HAS BEENCHANGED DUE TO THE 2015 COUNTY WIDEREVALUATION OF ALL REAL PROPERTY INMACON COUNTY.

DETACH ONLY IF YOU WISH TO APPEAL THE VALUE OF THIS NOTICE. PLEASE RETAIN TOP OF FORM FOR YOUR RECORDS

MACON COUNTY INFORMAL REVIEW FORMIf you wish to appeal the value of this notice. You must complete this form in its entiretyand return by mail within 30 days of the dateof this notice. Macon County Revaluation personnel will review your assessed value based on the information provided on this form. Achange in value will be considered if the owner can demonstrate that the assessed value is more than market value as of 01/01/2015,or is inconsistent with the value of similar property. APPEALS WILL NOT BE TAKEN BY TELEPHONE

PIN # DATE OF NOTICE PROPERTY DESC MARKET VALUE DEFERRED VALUE NET VALUE

A review of assessed values may result in assessments being: (1) left unchanged, (2) reduced, or (3) increased in value.

PLEASE INDICATE WHICH OF THE FOLLOWING APPLIES TO YOUR PROPERTY (CHECK ONE OR BOTH)

_____ The subject property is appraised at more than its fair market value._____ The subject property is not equally appraisedas compared with similar properties.

Please list comparable properties on back.

What in your opinion is the FAIR MARKET VALUE as of 01/01/2015? $

Is your opinion of market value (1)____ Personal Judgment, (2) ____ Recent Appraisal, (3) ____ Comparable Sales,(4) ____ Income/Expense Data, (5) Other

What was the purchase date and price (If purchased since 1/1/2013)? ____/____/______ $

Describe any major building or remodeling and the cost involved (since 1/1/2013) $

If listed for sale in the past two years, please complete the following:

List Price $

Name of Broker/Agent Dates of Listing Period (From & To)

PLEASE ATTACH COPIES OF INFORMATION OR EVIDENCE SUPPORTING YOUR OPINION OF VALUE.

Under penalties prescribed by law, I hereby affirm that to the best of my knowledge and belief that the information submitted on thisappeal form, including accompanying statements and other information is true and correct.

SIGNATURE OF OWNER DATE DAYTIME TELEPHONE

(If agent or representative of owner, please attach notarized Power of Attorney)All requests must be made within 30 days of the date of this notice.


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RETURN THIS FORM ONLY IF YOU WISH TO APPEAL THE ASSESSED VALUE.

STANDARDS FOR APPRAISAL AND ASSESSMENT: North Carolina General Statute 105-283 Uniform Appraisal Standards. Allproperty, real and personal, shall as far as practicable be appraised or valued at its true value in money the words true value shallbe interpreted as meaning market value, that is, the price estimated in terms of money at which the property would change handsbetween a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge ofall the uses to which the property is adapted and for which it is capable of being used.

INFORMAL REVIEW PROCESS: If you wish to appeal the value of this notice. You must complete, in entirety, the Macon CountyInformal Review Form and return it to the Macon County Revaluation office by mail or drop off (within 30 days of the date of thisnotice). Macon County Revaluation personnel will review your assessed value based on the information provided on this form. Achange in value will be considered if the owner can demonstrate that the assessed value is more than market value as of 01/01/2015,

or is inconsistent with the value of similar property. You will receive written notice of the results of the informal review.

BOARD OF EQUALIZATION AND REVIEW: If you disagree with the results of your Informal Review, you have a right to file a formalappeal to the Board of Equalization and Review. You may request and appeal any time prior to the adjournment of the Board ofEqualization and Review or within 15 days of your last notice of Assessed Value. All requests for appeal must be made in writing andon the proper form. Appeal forms are available at the Macon County Administrators Office. Actual time and dates will be advertised inthe local newspaper. The first meeting of the Board of Equalization and Review must be held no earlier than the first Monday in Apriland no later than the first Monday in May.

Market Value is not:

Actual or Historic Cost Aesthetic Value Bank Sale

Condemnation Value Construction Cost Depreciated Asset or Book Value

Forced Sale/Foreclosure Inheritance Value Insured Value

Liquidation Value or Salvage Value Present-Use Value Short Sale

GROUNDS FOR REVIEW OR APPEAL CANNOT INCLUDE THE FOLLOWING:

The percentage of increase over the previous reappraisal Your financial ability to pay the anticipated tax

COMPARABLE PROPERTIES:

COMP #1 COMP #2 COMP #3

OwnerName

OwnerName

OwnerName

PIN # PIN # PIN #

Sale Date Sale Date Sale Date

Sale PriceSale

Price

Sale Price

Sq. Ft. Sq. Ft. Sq. Ft.

Acreage Acreage Acreage

Remarks: Remarks: Remarks:

*IF YOU HAD NEW CONSTRUCTION ON YOUR PROPERTY IN 2014 YOU MAY RECEIVE ANOTHER NOTICE.

*** MACON COUNTY IS NOW ONLINE ***

LOG ON TO: www.maconnctax.com

CLICK ON Land Records Search to search properties


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QUESTIONS

2015 revaluation

Documents