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LEE COUNTY '' <br />Committed Today for a Better Tomorrow <br />October 7, 2016 <br />Lee County Board of Commissioners, <br />County Manager, John Crumpton <br />106 Hillcrest Drive <br />Sanford, NC 27330 <br />Dear Board of Commissioners and Mr. Crumpton: <br />On behalf of the Lee County Tax Office, I am pleased to present the 2016 Sales/Assessment Ratio <br />Report. The Lee County Tax Office Appraisal Division's Sales/Assessment Ratio Report was designed in <br />an effort to provide a year in review of real property sales within Lee County. This will allow us to relay <br />to the governing board and county administration a comparison of 2013 tax assessed values to actual <br />market sales. It goes further to show the quality of real property tax assessments within the County. <br />Being currently scheduled for a 2019 countywide reappraisal, the Lee County Tax Office Appraisal <br />Division is monitoring and analyzing market sales almost daily. These current sales will be used to bring <br />tax assessment up or down to current market value as of January 1, 2019, the appraisal date. North <br />Carolina General Statute 105 — 287 prohibits a county tax assessor from changing the assessed value of a <br />property in a non -reappraisal year for an economic consideration. This means that once a reappraisal is <br />conducted, the effective tax assessments and schedule of values both are more or less frozen until the <br />next reappraisal. <br />Uniformity and accuracy are utmost goals. As a means of quality control, we currently conduct a <br />sales/assessment ratio study each quarter for the North Carolina Department of Revenue (NCDOR). This <br />quarterly study for the NCDOR is based on a random sample of sales in Lee County from the preceding <br />quarter only, not all market transactions. The NCDOR collects this information for all 100 North Carolina <br />counties and provides an annual summary. <br />Lee County's Sales/Assessment Ratio Report measures assessment quality by looking at the most recent <br />calendar year's qualified real estate market transactions and comparing that information to <br />corresponding 2013 tax assessed values. North Carolina law requires that property be assessed at 100% <br />of its "true value" as of the date of its last reappraisal, which is currently January 1, 2013 for Lee County. <br />Market conditions affecting properties can change almost daily, but tax assessments reflect market <br />values as of one point in time: the last countywide reappraisal. <br />2 <br />