Agenda - 10-17-16 Reg. Meeting - Laserfiche WebLink

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Lastly, the commercial property classification seems to be far from stabilizing. Last year the price -related differential showed that higher valued properties were over appraised, but this year's data shows just the opposite — higher valued properties are under appraised. To make matters more perplexing, the measure of spread remains slightly elevated with the COD at 25.250. CONCLUSION Data shows that the market is unpredictable, but some property classifications are more predictable than others. Based on 2015-2016 data, the largest allocation of staff resources will be in assessing commercial and vacant properties. Discovering, analyzing, and interpreting the commercial data may require the use of additional outside resources. As emphasized throughout this report, January 1, 2019 will be the next point in time where market value and tax value should be one in the same. This in accordance with North Carolina General Statute 105 — 283, Uniform Appraisal Standards. To successfully appeal a property's tax value, a taxpayer must show a comparison of apples to apples, which means proving that the tax value as of its date of appraisal is/was more or less than true market value as of the same date. For example, an appraisal as of October 2016 has no bearing on the current tax value since our last general reappraisal date is as of January 1, 2013. We are currently scheduled to perform a new reappraisal January 1, 2019. As we progress through the 2019 reappraisal, the Division will hold community presentations to explain what we are finding. One of the most important aspects of a reappraisal, I believe, is to involve the community and be as transparent as possible. We are members of the community too, and producing a great reappraisal product is one of our foremost goals. I hope this report gives its readers interesting information and provides an understanding of the tax office's process moving forward. 12