Public Service Company Valuations. Greg Wood & Michael Connolly NC Department of Revenue. What was it worth back then?. 1999 Toyota Camry. The 1999 Toyota Camry MSRP was $23,263 (when purchased new).
Greg Wood & Michael Connolly
NC Department of Revenue
1999 Toyota Camry
(when purchased new).
The Alliance of American Insurers estimated that the parts for a 1999 Toyota Camry would cost $101,335 if bought one part at a time (plus assembly cost).
Only Airplanes, Buses, Tractors & Trailers
“…Progress Energy broke ground Friday on an addition to its Richmond County plant which will add $2 million a year to the county tax base and bring hundreds of construction jobs.When completed, the Richmond County Progress Energy Complex will produce twice as much electricity as Progress Energy’s Sharon Harris nuclear plant in New Hill with 1,800 megawatts and will be the second largest site in utilities’ network.The new $600 million addition to the present plant and a new transmission line will add 12 more jobs to the 34 already in place…”
600 Million Project
- 300 Million (Pollution Abatement)
300 Million of taxable cost (Original Cost)
300 Million (Original Cost)
- 45 Million (Transmission Lines)
255 Million (OC-TL)
255 Million (OC – TL)
x .45 (NC OC to NC Unit Value Ratio)
115 Million Value
115 Million Value
x .(65/100) County Tax Rate
$747,500 To Bill
The .45 Factor comes from the NC Unit Value divided by the NC Original Cost
The total cost (1,500,000) divided by the Value (1,000,000) gives us a factor of .667
(This includes leased property).
System Value – Equalized
This chart is based on the numbers from the previous slide. Without equalization (in this example) Non PSC taxpayers would be assessed at close to 82% of what their real property is actually worth in year 7, whereas the PSC would be assessed at 100%.
Notice the “*” This means the county must total, thus when adding all “*” value together, you should get the total county value.
There is technically no appraised value assigned to that parcel.
Yes, we are assessing everything in the Unit Approach that the PSC owns and leases.
Are the Taxing Jurisdiction Sheets correct?
If not – these need to be updated ASAP.
Ultimately we will contact the company for you.
This is normal, as the numbers are being rounded. A company with a value in the millions can easily be off a couple of dollars when distributing to numerous jurisdictions.
Yes, we conduct audits on the PSC. The regulated PSC also are audited by various Regulatory Commissions.
The DOR would conduct a discover using NCGS 105-312. Keep in mind, the pie (unit value) wont get any bigger because of a discovery, and at least one county would have to give a refund.
80% of the appraised value of the Solar Energy Electric System shall be exempt. (One time application is required)
** Currently no exemption for Wind **
Town of Franklin
Town of Highlands
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