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2010 Onslow County Revaluation PowerPoint PPT Presentation


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2010 Onslow County Revaluation. PRESENTED BY ONSLOW COUNTY __________________. APPRAISAL DEPARTMENT Harry Smith TAX ADMINISTRATOR David CrenshawAPPRAISAL DIRECTOR. What is Reval ?.

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2010 Onslow County Revaluation

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2010 onslow county revaluation l.jpg

2010 Onslow County Revaluation


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PRESENTED BY

ONSLOW COUNTY

__________________

APPRAISAL DEPARTMENT

Harry Smith TAX ADMINISTRATOR

David CrenshawAPPRAISAL DIRECTOR


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What is Reval?

The process of conducting a mass appraisal of all real estate parcels in the County, in order to create a fair and equitable tax base.


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Why Do We Do It?

  • The Assessors Office is responsible for valuing all types of property subject to taxation: Real Estate, Personal Property, and Motor Vehicles.

  • Over time, real estate values change at different rates, causing inequities in the tax base.

  • The revaluation process is designed to adjust all property values back to current market values, creating equity and a fair distribution of the tax burden.


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Onslow County Reval History

  • Conducted every eight years by Octennial Plan through 1992

  • Advanced cycle in 1990’s to do 6 year reval, then 4 years thereafter

  • Current resolution is for 4 year reval

    beginning in 2010


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Revaluation Process

  • Review property Characteristics

  • Collect, verify, and analyze sales data

  • Develop Schedule of Values

  • Statistical testing

  • Mass Appraisal Guidelines

    • IAAO

    • NC Department of Revenue


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Revenue Neutral Disclosure

  • Adopted in 2003 Legislative Session

  • Must be included in Budget Document for Comparative Analysis


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How do we let the public know?

G-10 TV

Public Information Presentations

Newspaper Insert

County website


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Parcel – 072159

2006 Assessed Value-$184,114

NBHD-2223 Twp: Jacksonville

14 % INCREASE

Sold 02/27/2009 -$210,000


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Parcel – 012129

2006 Assessed Value-$68,566

NBHD-2463 Twp: Jacksonville

39 % INCREASE

Sold 06/09/2009 -$95,000


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Parcel – 060147

2006 Assessed Value-$238,972

NBHD-2267 Twp: Jacksonville

.004% INCREASE

Sold 05/01/2006 -$258,000

Sold 06/26/2009 -$240,000


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Parcel – 045906

2006 Assessed Value-$142,436

NBHD-2274 Twp: Jacksonville

12% INCREASE

Sold 10/24/2005 -$149,500

Sold 08/14/2009 -$160,000


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Parcel – 060883

2006 Assessed Value-$108,970

NBHD-1129 Twp: Richlands

Sold 09/02/2009 -$142,500

Sold 01/11/2006 -$110,000

31 % INCREASE


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Parcel – 063230

2006 Assessed Value-$139,758

NBHD-1138 Twp: Richlands

23% INCREASE

Sold 09/09/2009 -$172,000


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Parcel – 025938

2006 Assessed Value-$74,715

NBHD-617 Twp: White Oak

56 % INCREASE

Sold 07/13/2009 -$116,500


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Parcel – 070949

2006 Assessed Value-$173,479

NBHD-609 Twp: White Oak

27 % INCREASE

Sold 06/03/2009 -$219,900


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Parcel – 062363

2006 Assessed Value-$184,204

NBHD-591 Twp: White Oak

19% INCREASE

Sold 05/28/2009 -$220,000


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Parcel – 026454

2006 Assessed Value-$133,078

NBHD-4350 Twp: Swansboro

3 % INCREASE

Sold 09/04/2009 -$136,500


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Parcel – 071478

2006 Assessed Value-$320,233

NBHD-4281 Twp: Swansboro

16 % INCREASE

Sold 07/01/2009 -$370,000


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Parcel – 054019

2006 Assessed Value-$395,352

NBHD-4295 Twp: Swansboro

33 % INCREASE

Sold 08/07/2009 -$527,000


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Parcel – 004424

2006 Assessed Value-$440,529

NBHD-4045 Twp: Swansboro

10 % INCREASE

Sold 05/20/2009 -$485,000


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Parcel – 030370

2006 Assessed Value-$684,070

NBHD-3101 Twp: Stump Sound

Sold 08/19/2009 -$570,000

Sold 03/02/2005 -$470,000

17 % DECREASE


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Parcel – 072285

2006 Assessed Value-$190,362

NBHD-3312 Twp: Stump Sound

15 % INCREASE

Sold 04/14/2009 -$219,000


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Parcel – 031608

2006 Assessed Value-$122,841

NBHD-3067 Twp: Stump Sound

35 % DECREASE

Sold 09/11/2009 -$80,000


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Parcel – 046006

2006 Assessed Value-$777,567

NBHD-3030 Twp: Stump Sound

19.6 % DECREASE

Sold 08/14/2009 -$625,000


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Parcel – 016225

2006 Assessed Value-$323,967

NBHD-3020 Twp: Stump Sound

27 % DECREASE

Sold 09/18/2009 -$235,000


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Parcel – 000638

2006 Assessed Value-$629,339

NBHD-3000 Twp: Stump Sound

32% DECREASE

Sold 07/09/2009 -$425,000


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Revaluation-Why?

Onslow County is charged by the State of North Carolina with the task of determining the market value of property subject to Ad Valorem (according to value) taxes within it’s jurisdiction. The two categories of property are real and personal.


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Real Property

North Carolina General Statute 105, Subchapter II, requires that all real property must be reassessed at least every eight years. This is referred to as the “Octennial Cycle”. The Onslow County Board of Commissioners, by resolution, has adopted a more frequent reappraisal of property. The purpose of the revaluation is to equalize market values and ensure equitable assessments within Onslow County.


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Personal Property

Personal property is revalued on an annual basis. Some examples are motor vehicles, boats, trailers, airplanes, etc.


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Assessed value of taxable property - FY 2009


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In-House Revaluation

This is the third in-house revaluation to be performed in Onslow County. In 1992, the Onslow County Board of Commissioners established a Revaluation Department in the Tax Office and charged the staff with conducting the next county-wide reappraisal of all real estate.


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Appraisal Staff

All staff Appraisers are certified by the North Carolina Department of Revenue as County Real Property Appraisers. Continuing education is required in order to maintain certification.


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MOST FREQUENTLY ASKED QUESTIONS ?


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What if I disagree with the assessed value?

  • We will hold informal hearings with the property owner. During this meeting the property record card is reviewed. An on site inspection may be necessary. Keep in mind that when we review your property our appraisal may go up, go down, or stay the same. The review process may take up to 30 days or more to complete. You will be notified by mail if there is a change.


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Request a Formal Hearing

Formal hearings will be conducted by the Onslow County Board of Equalization and Review. The board is comprised of professional Real Estate Appraisers and Real Estate Brokers. The owner will present his case. The board will make its decision and notify the owner in writing.


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Appeals

North Carolina Property Tax Commission is a division of the Department of Revenue. The owner will present his case. The Property Tax Commission will make a decision and notify all concerned.


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How to support your view

  • Have a recent copy of a fee appraisal (within the last year) used for the sale, refinancing of a mortgage, or home equity loan.

  • Pictures to show conditions inside and outside of the property. Comparative sales in the neighborhood.


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Why did my property value change so much from last year?

  • The values used for last year’s tax billing were established in the last revaluation in 2006. This means that all sales of older homes and new construction were valued at the 2006 schedule of value rates. The 2010 revaluation values will be based on sales of Real Property which occur in 2009.

  • The purpose of the revaluation is to equalize property values, not to increase tax revenue.


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How much will my taxes change?

The revaluation establishes total assessed value of all properties in Onslow County. The amount of taxes are influenced by the revenue requirements of the county budget. The tax rate is determined by the Board of County Commissioners.


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When will the new value

take effect?

The effective date of the new assessed value is January 1, 2010. This value will be the basis for the tax bills mailed in July 2010 and due in September of 2010.


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Additional Questions ?


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