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.
House committee substitute makes the following changes to the 1st edition.
Makes deletions to the whereas clauses and Section 1, deleting any occurrence of the word corroborating as it applies to evidence.
Adds clarifying language to Section 1, providing that boards of county commissioners must undertake the specified measures required by the act, notwithstanding any other provision of GS Chapter 105, Subchapter II, not cited in the act.
Amends one of the conditions, that if met, require a board of commissioners to take specified measures, providing that independent evidence that the majority of commercial neighborhoods in the county possess significant issues of inequity must be reviewed by a qualified appraisal company.
Makes a technical change.
Amends Section 2, clarifying that the same qualified appraisal company that provided or reviewed the evidence of inequity above can also conduct the review of all the values in the county by neighborhoods and make recommendations as to the true value of the property. Provides that the board of county commissioners must make any required specified changes to the abstract and tax records of the property either after the reappraisal is completed or after each neighborhood review required by Section 2 is complete (previously, required that the changes only had to be made after the reappraisal). Provides that the provisions of GS 105-380 do not apply to the issuance of any refund under the provisions of this act.
Provides that any interest on taxes paid on parcels with errors that resulted in the parcels having an overstated value must be calculated at a rate of 5% per annum [previously, provided that the interest would be calculated as if there was an order of the county board of equalization and review reducing the valuation of the property pursuant to GS 105-360(e)]. Provides that the discovery penalties in GS 105-312(h) do not apply to the additional taxes levied on parcels as a result of errors.
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