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2010 Onslow County Revaluation

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

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2010 Onslow County Revaluation

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  1. 2010 Onslow County Revaluation

  2. PRESENTED BY ONSLOW COUNTY __________________ APPRAISAL DEPARTMENT Harry Smith TAX ADMINISTRATOR David Crenshaw APPRAISAL DIRECTOR

  3. 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.

  4. 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.

  5. 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

  6. 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

  7. Revenue Neutral Disclosure • Adopted in 2003 Legislative Session • Must be included in Budget Document for Comparative Analysis

  8. How do we let the public know? G-10 TV Public Information Presentations Newspaper Insert County website

  9. Parcel – 072159 2006 Assessed Value-$184,114 NBHD-2223 Twp: Jacksonville 14 % INCREASE Sold 02/27/2009 -$210,000

  10. Parcel – 012129 2006 Assessed Value-$68,566 NBHD-2463 Twp: Jacksonville 39 % INCREASE Sold 06/09/2009 -$95,000

  11. 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

  12. 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

  13. 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

  14. Parcel – 063230 2006 Assessed Value-$139,758 NBHD-1138 Twp: Richlands 23% INCREASE Sold 09/09/2009 -$172,000

  15. Parcel – 025938 2006 Assessed Value-$74,715 NBHD-617 Twp: White Oak 56 % INCREASE Sold 07/13/2009 -$116,500

  16. Parcel – 070949 2006 Assessed Value-$173,479 NBHD-609 Twp: White Oak 27 % INCREASE Sold 06/03/2009 -$219,900

  17. Parcel – 062363 2006 Assessed Value-$184,204 NBHD-591 Twp: White Oak 19% INCREASE Sold 05/28/2009 -$220,000

  18. Parcel – 026454 2006 Assessed Value-$133,078 NBHD-4350 Twp: Swansboro 3 % INCREASE Sold 09/04/2009 -$136,500

  19. Parcel – 071478 2006 Assessed Value-$320,233 NBHD-4281 Twp: Swansboro 16 % INCREASE Sold 07/01/2009 -$370,000

  20. Parcel – 054019 2006 Assessed Value-$395,352 NBHD-4295 Twp: Swansboro 33 % INCREASE Sold 08/07/2009 -$527,000

  21. Parcel – 004424 2006 Assessed Value-$440,529 NBHD-4045 Twp: Swansboro 10 % INCREASE Sold 05/20/2009 -$485,000

  22. 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

  23. Parcel – 072285 2006 Assessed Value-$190,362 NBHD-3312 Twp: Stump Sound 15 % INCREASE Sold 04/14/2009 -$219,000

  24. Parcel – 031608 2006 Assessed Value-$122,841 NBHD-3067 Twp: Stump Sound 35 % DECREASE Sold 09/11/2009 -$80,000

  25. Parcel – 046006 2006 Assessed Value-$777,567 NBHD-3030 Twp: Stump Sound 19.6 % DECREASE Sold 08/14/2009 -$625,000

  26. Parcel – 016225 2006 Assessed Value-$323,967 NBHD-3020 Twp: Stump Sound 27 % DECREASE Sold 09/18/2009 -$235,000

  27. Parcel – 000638 2006 Assessed Value-$629,339 NBHD-3000 Twp: Stump Sound 32% DECREASE Sold 07/09/2009 -$425,000

  28. 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.

  29. 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.

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

  31. Assessed value of taxable property - FY 2009

  32. 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.

  33. 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.

  34. MOST FREQUENTLY ASKED QUESTIONS ?

  35. 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.

  36. 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.

  37. 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.

  38. 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.

  39. 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.

  40. 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.

  41. 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.

  42. Additional Questions ?

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