Bill Summary for H 200 (2013-2014)

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Summary date: 

Mar 4 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
House Bill 200 (Public) Filed Monday, March 4, 2013
A BILL TO BE ENTITLED AN ACT TO CORRECT GENERAL REAPPRAISALS RESULTING IN PROPERTY VALUES THAT DO NOT COMPLY WITH THE REQUIREMENTS OF NORTH CAROLINA LAW BY SETTING FORTH THE STEPS REQUIRED TO BRING THE GENERAL REAPPRAISAL INTO COMPLIANCE WITH THE APPLICABLE PROPERTY TAX MANDATES.
Intro. by W. Brawley, Cotham.

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Bill summary

Directs boards of county commissioners to either (1) conduct a reappraisal, by no less than one appraiser certified by the Department of Revenue (DOR) for mass valuation per 4,250 parcels, within 18 months, applicable to all tax years from and including the tax year when the last general appraisal was performed, or (2) have a qualified appraisal company conduct a total review of all the values in the county by neighborhood and make recommendations as to the true value of the properties as of January 1 of the year of the last general review, when all of the following conditions are met:

(1) County has independent, corroborating evidence that the majority of commercial neighborhoods in the county have significant issues of inequity in valuations.

(2) County has independent, corroborating evidence that residential neigborhoods have instances of inequity or erroneous data that had significant impact on the valuation of the neighborhood.

(3) County's last general reappraisal was performed for the 2008, 2009, 2010, 2011, 2012 tax year.

(4) The independent, corroborating evidence came from a review performed by a qualified appraisal company selected and retained by the county and registered with the DOR and had a sample size of no less than 375 properties.

Directs boards of commissioners to, after the above review or reappraisal is completed, make any change to property abstracts and tax records needed to ensure that assessed values of incorrectly appraised properties in the county reflect the true values, effective the year of the last general reappraisal, applying the adjusted values for each tax year until the next general reappraisal, unless those values are changed pursuant to GS 105-287.

The changes noted above will be prioritzed as follows:

(1) Adjustments to parcels with errors that resulted in significantly overstated value.

(2) Adjustments to parcels with errors that resulted in significantly understated value.

(3) Adjustments to parcels with errors that resulted in overstated value.

(4) Adjustments to parcels with errors that resulted in understated value.

Directs any overpayment of taxes, as a result of overstated valuations, to be refunded, with interest paid on the overpayment pursuant to GS 105-360(e). Also requires additional payment of taxes on properties that were undervalued to be paid in accordance to GS 105-312.

Includes a severability clause.