NCGS 105-286 & 105-283
Requires Counties to
Establish market values
●
●Value
must be at or
near 100% of current
market value
● Utility companies requires
values to be between 90-100%
of market values
● To
reflect changes in
the market conditions
Appraisal Process
• Collect & Review Sales
• Route all 369 County Maps
• Map Sales From 2013 & 2014
• Analyze Construction Cost
• Develop Land Pricing Model
• Develop Schedule of Values
• Apply Schedule of Values to Properties
Appraisal Process Continued
•
•
•
•
•
•
•
•
•
•
•
Visit Properties
Review Sales to Comparable Properties
Identify Any Areas of Concern
Correct any Concern Areas
Send Notice of Value to Property Owner
Receive Any Informal Appeals and Review
Send Notice of Change
Begin Taking Formal Appeals to Board of Equalization
Set Hearing Dates and Times
After all Hearings send Notice of Change from Board of E&R
Property Owners then have 30 Days to Appeal to Property Tax
Commission in Raleigh, NC
THREE APPROACHES TO VALUE
Comparable Sales Approach: Subject property is
compared with similar properties that have recently sold.
Income Approach: This approach uses income derived from
similar properties in the same area. Income is not the value
that individual business generate but what similar income
producing properties will produce. An Example would be that
all Two Bedroom apartments rent for $500 monthly in a given
location thus the value of a 20 unit apartment can be
determined.
Cost Approach: Construction cost less depreciation
MARKET VALUE
Market value is the
most probable
selling price that a
property will bring
in a competitive
and open market
with both the buyer
and seller being
motivated and well
informed.
MARKET VALUE IS NOT
Transactions resulting from auctions
Short sales
Some Estate sales
Bank liquidation sales
Foreclosures
Family or associates sales
The most obvious is an
addition or remodeling
of a structure.
 Supply and Demand in
a particular type of
property.
 The local economy and
the factors that
determine its stability.
 Cost of replacing or
building similar
structures.

County’s Growth Rate
Has Led WNC For Past
Twenty Years
 County Leads WNC In
Sales Growth
 Population Is
Expected To Continue
To Rise
Population Growth

40,000
35,000
30,000
25,000
1980
20,000
1990
15,000
2000
10,000
2020
5,000
2000
0
1980 1990
2000 2020
1980
45000
40000
35000
30000
25000
20000
15000
10000
5000
0
1991
1999
2001
2014
1991
1999
2001
2014
REAL ESTATE MARKET INDICATORS
REAL ESTATE SALES
2010-2014
EXCLUSIVE HOME SALES
REAL ESTATE MARKET ACTIVITY
Code
A - TWO OR MORE PARCELS
B - OTHER IMPROVMENTS INCLUDED
C - REVENUE STAMPS < $6.00 ($3,000)
D - DATE OUT OF RANGE
E - RELATIVE OR BUSINESS
F - CONVEYING INTEREST ONLY
G - LIFE ESTATE OR OTHER INTEREST
H - GRANTOR POSSESSION
I - GOVT, LENDING, UTILITY
IC - IMP COMM
IR - IMP RESIDENTAIL
J - TAX EXEMPT
K - CHURCH OR SCHOOL
M - IN MORE THAN ONE COUNTY
MR - MANF HOME
O - INCLUDES PERSONAL PROPERTY
P - FORCED SALE OR AUCTION
R - TRADE OR EXCHANGE
TC - TOWNHOUSE/CONDO
VC - VACANT COMMERCIAL
VR - VACANT RESIDENTIAL
X - OTHER
TOTAL
2014
190
5
1,023
74
7
18
94
16
411
6
2
64
2
45
24
1
163
25
2,170
2013
215
2
1,196
42
7
3
126
9
461
12
2
3
53
2
57
23
8
190
57
2,468
2012
175
1,143
40
3
1
158
11
325
2
7
48
52
18
2
92
112
2,189
2011
155
942
218
4
1
317
6
257
9
4
34
2
15
1
7
2
120
91
2,185
2010
192
9
1,014
57
5
5
107
9
236
3
2
41
5
2
10
2
148
72
1,919
VALID
INVALID
679
1,491
744
1,724
496
1,693
426
1,759
446
1,473
VALID SALES
SALES > $500,000
SALES > $1,000,000
2014
63
25
2013
52
11
2012
49
15
2011
34
6
2010
29
14
REVENUE NEUTRAL TAX RATE
2014 TAX VALUE OF ALL PROPERTY
$ 9,348,950,012
2014 TAX VALUE
TOTAL TAXES
x
.00279
$26,083,570
2015 TOTAL REAL ESTATE VALUE
$ 7,733,733,213
2015 ESTIMATE PUBLIC SERVICE
$
130,000,000
2015 ESTIMATE MOTOR VEHICLES
$
271,595,000
2015 SUB TOTAL
$ 8,135,328,213
LESS APPEALS’ VALUE
$ (100,000,000)
LESS HOMESTEAD EXCLUSSION
$ ( 70,000,000)
NET TOTAL NEW TAX VALUE
$ 7,965,328,213
ROUND TO
$ 7,965,000,000
$

7,965,000,000
OVERALL DECREASE OF VALUE:
14.80%
 $7,965,000,000
/ 9,348,950,012
REAL ESTATE ONLY DECREASED
14.52 %
$ 7,563,733,213 / 8,848,875,468
 TAX
REVENUE NEEDED/TOTAL VALUE
 $26,083,570
/ $7,965,000,000 = .003274
 ROUNDED TO
$ .0033
2007 VALUES & TAXES
COMPARED TO
2015 VALUES & TAXES
PIN # 7448-58-3589
HOUSE & 87 ACRES
2007 Value $1,248,310
2014 Tax Rate .00279
Base Tax $ 3,482
2015 Value $935,160
Est. Tax Rate .0033
Base Tax
$3,086
Savings
$ 396
Decrease of 11.4%
PIN # 7438986076
2007 Value $ 316,270
2014 Tax Rate .00279
Base Tax
$ 882
2015 Value $ 260,500
Est. Tax Rate .0033
Base Tax $ 859
Savings
$ 23
Decrease of 2.6%
PIN # 7438-97-6569
2007 Value $ 148,040
2014 Tax Rate .00279
Base Tax $ 413
2015 Value $ 100,880
Est. Tax Rate .0033
Base Tax
$333
Savings
$ 80
Decrease of 20%
PIN # 7530-93-7003
2007 Value $1,166,770
2014 Tax Rate .00279
Base Tax $3,255
2015 Value $ 907,620
Est. Tax Rate .0033
Base Tax $2,995
Savings
$ 260
Decrease of 8%
PIN # 6580-49-7864
HOUSE & 17.43 ACRES
2007 Value $522,040
2014 Tax Rate .00279
Base Tax $1,456
2015 Value $396,170
Est. Tax Rate .0033
Base Tax $1,307
Savings $149
Decrease of 10.4%
PIN # 7540-41-2457
2007 Value $ 182,780
2014 Tax Rate .00279
Base Tax $ 510
2015 Value $ 220,000
Est. Tax Rate .0033
Base Tax $ 726
Increase of $ 216
Increase of 42.35%
PIN # 7540-52-3321
2007 Value $1,002,780
2014 Tax Rate .00279
Base Tax $2,798
2015 Value $1,846,810
Est Tax Rate .0033
Base Tax $ 6095
Increase of $ 3,297
Increase of 118%
PIN # 6581-70-0263
2007 Value $ 115,510
2014 Tax Rate .00279
Base Tax $322
2015 Value $111,450
Est. Tax Rate .0033
Base Tax $368
Increase
$46
Increase of 14.3%
PIN #6581-41-8759
2007 Value $127,990
2014 Tax Rate .00279
Base Tax $357
2015 Value $127,730
Est. Tax Rate .0033
Base Tax $421
Increase
$64
Increase of 18%
PIN # 7550-23-4331
2007 Value $ 14,155,100
2014 Tax Rate .00279
2014 Base Tax $ 39,493
2015 Value $ 10,190,130
Est. Tax Rate $ .0033
Base Tax $ 33,628
Decrease $ 5,865
Decrease of 14.85%
FINALLY
Reassessments are volatile and established procedures must be followed.
The established appeal process outlined by the Machinery Act must be adhered to.
Equality between similar properties must be one of the top priorities.
Properties will not increase at the same percentage countywide.
Location is still very much a factor.
Things to Remember
 Values must be set at 100% of
Market Value.
 Percentage of increase is not a
reason for an appeal.
 Value may or may not be what
the owner has invested in the
property.
 Burden of proof is on taxpayer
to show that property is
excessively overvalued.
 Different classes of properties
change at different rates.
 NC courts have ruled that tax
assessments are assumed to
be correct and are accepted
until proof is provided to the
contrary.
 Location or demand on certain
types of properties will affect
values differently depending on
the market.
Summary of Important Information
 Values will be finalized by December 2014
 Notices will be mailed in January 2015
 Appeal information will accompany the notice of value
 Informal appeals must be a written appeal supported with
documentation of value
 Board of Equalizations starts April 2015
2015 VALUATION BY TOWNSHIPS
G
R
O
S
S
V
A
L
U
E
S
TWP
TOTAL PCLS
FRANKLIN
8,282
MILLSHOAL
3,704
ELLIJAY
3,203
SUGARFORK
1,518
HIGHLANDS
3,999
FLATS
1,185
SMITHBRIDGE
4,480
CARTOOGECHAYE
3,146
NANTAHALA
2,476
BURNINGTOWN
1,279
COWEE
3,722
FRANKLIN CITY
2,527
HIGHLANDS CITY
2,927
42,448
2007 Taxable
$ 1,103,872,780
$ 389,495,910
$ 370,791,250
$ 221,051,440
$ 2,051,601,730
$ 321,882,710
$ 578,994,680
$ 442,611,210
$ 433,406,203
$ 161,007,280
$ 439,669,325
$ 628,336,480
$ 1,800,491,780
$ 8,943,212,778
2015 Taxable
$ 924,939,240
$ 317,270,230
$ 300,883,180
$ 174,230,050
$ 1,787,614,120
$ 237,907,640
$ 459,072,710
$ 370,669,510
$ 342,897,923
$ 122,791,970
$ 328,730,700
$ 618,201,480
$ 1,746,013,960
$ 7,731,222,713
PROJECTED
TAX BASE
TAX RATE
TAX $
Trend
FRANKLIN
MILLSHOAL
ELLIJAY
SUGARFORK
HIGHLANDS
FLATS
SMITHBRIDGE
CARTOOGECHAYE
NANTAHALA
BURNINGTOWN
COWEE
FRANKLIN CITY
HIGHLANDS CITY
1,103,481,410
390,149,280
370,413,680
220,966,150
2,054,187,930
321,887,220
578,940,960
442,539,120
432,822,513
161,871,270
439,877,355
628,291,760
1,800,688,190
-16.21%
-18.54%
-18.85%
-21.18%
-12.87%
-26.09%
-20.71%
-16.25%
-20.88%
-23.74%
-25.23%
-1.61%
-3.03%
(178,870,100.43)
(72,346,836.84)
(69,836,883.88)
(46,803,324.54)
(264,320,386.46)
(83,976,246.60)
(119,910,843.46)
(71,929,982.54)
(90,386,387.93)
(38,420,379.27)
(110,991,115.73)
(10,134,278.67)
(54,483,762.81)
8,946,116,838
-13.55%
(1,212,383,625.12)
$ DIFF
$ (178,933,540)
$
(72,225,680)
$
(69,908,070)
$
(46,821,390)
$ (263,987,610)
$
(83,975,070)
$ (119,921,970)
$
(71,941,700)
$
(90,508,280)
$
(38,215,310)
$ (110,938,625)
$
(10,135,000)
$
(54,477,820)
$ (1,211,990,065)
$
$
% CHG
-16.21%
-18.54%
-18.85%
-21.18%
-12.87%
-26.09%
-20.71%
-16.25%
-20.88%
-23.74%
-25.23%
-1.61%
-3.03%
-13.55%
2007
2015
LOSS
8,946,116,838 $ 7,733,733,213
-13.55%
0.00279
0.00323 $ 1,212,383,625
24,959,666
B
E
F
O
R
E
A
P
P
E
A
L
S
MACON COUNTY, NORTH CAROLINA
NOTICE OF PROPERTY REVALUATION
THIS IS NOT A BILL
MACON COUNTY TAX ADMINISTATOR
5 W MAIN STREET
FRANKLIN, NC 28734
RETURN SERVICE REQUESTED
PIN #:
Acreage/Lot:
Date of Notice
Market Value:
Deferred Value:
Net Total Value:
YOU ARE HEREBY NOTIFED THAT AS OF
01/01/2015 YOUR ASSESSED VALUE HAS BEEN
CHANGED DUE TO THE 2015 COUNTY WIDE
REVALUATION OF ALL REAL PROPERTY IN
MACON COUNTY.
DETACH ONLY IF YOU WISH TO APPEAL THE VALUE OF THIS NOTICE. PLEASE RETAIN TOP OF FORM FOR YOUR RECORDS
MACON COUNTY INFORMAL REVIEW FORM
If you wish to appeal the value of this notice. You must complete this form in its entirety and return by mail within 30 days of the date
of this notice. Macon County Revaluation personnel will review your assessed value based on the information provided on this form. A
change in value will be considered if the owner can demonstrate that the assessed value is more than market value as of 01/01 /2015,
or is inconsistent with the value of similar property. APPEALS WILL NOT BE TAKEN BY TELEPHONE
PIN #
DATE OF NOTICE
PROPERTY DESC
MARKET VALUE
DEFERRED VALUE
NET VALUE
A review of assessed values may result in assessments being: (1) left unchanged, (2) reduced, or (3) increased in value.
PLEASE INDICATE WHICH OF THE FOLLOWING APPLIES TO YOUR PROPERTY (CHECK ONE OR BOTH)
_____
_____
The subject property is appraised at more than it’s fair market value.
The subject property is not equally appraised as compared with similar properties.
Please list comparable properties on back.
What in your opinion is the FAIR MARKET VALUE as of 01/01/2015?
$
Is your opinion of market value (1)____ Personal Judgment, (2) ____ Recent Appraisal, (3) ____ Comparable Sales,
(4) ____ Income/Expense Data, (5) Other
What was the purchase date and price (If purchased since 1/1/2013)? ____/____/______
Describe any major building or remodeling and the cost involved (since 1/1/2013)
$
$
If listed for sale in the past two years, please complete the following:
List Price
$
Name of Broker/Agent
Dates of Listing Period (From & To)
PLEASE ATTACH COPIES OF INFORMATION OR EVIDENCE SUPPORTING YOUR OPINION OF VALUE.
Under penalties prescribed by law, I hereby affirm that to the best of my knowledge and belief that the information submitted on this
appeal form, including accompanying statements and other information is true and correct.
SIGNATURE OF OWNER
DATE
DAYTIME TELEPHONE
(If agent or representative of owner, please attach notarized Power of Attorney)
All requests must be made within 30 days of the date of this notice.
RETURN THIS FORM ONLY IF YOU WISH TO APPEAL THE ASSESSED VALUE.
STANDARDS FOR APPRAISAL AND ASSESSMENT: North Carolina General Statute 105-283 Uniform Appraisal Standards. All
property, real and personal, shall as far as practicable be appraised or valued at it’s true value in money… the words “true value” shall
be interpreted as meaning market value, that is, the price estimated in terms of money at which the property would change hands
between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of
all the uses to which the property is adapted and for which it is capable of being used.
INFORMAL REVIEW PROCESS: If you wish to appeal the value of this notice. You must complete, in entirety, the Macon County
Informal Review Form and return it to the Macon County Revaluation office by mail or drop off (within 30 days of the date of this
notice). Macon County Revaluation personnel will review your assessed value based on the information provided on this form. A
change in value will be considered if the owner can demonstrate that the assessed value is more than ma rket value as of 01/01/2015,
or is inconsistent with the value of similar property. You will receive written notice of the results of the informal review.
BOARD OF EQUALIZATION AND REVIEW: If you disagree with the results of your Informal Review, you have a right to file a formal
appeal to the Board of Equalization and Review. You may request and appeal any time prior to the adjournment of the Board of
Equalization and Review or within 15 days of your last notice of Assessed Value. All requests for app eal must be made in writing and
on the proper form. Appeal forms are available at the Macon County Administrator’s Office. Actual time and dates will be advertised in
the local newspaper. The first meeting of the Board of Equalization and Review must be held no earlier than the first Monday in April
and no later than the first Monday in May.
Market Value is not:

Actual or Historic Cost

Condemnation Value

Forced Sale/Foreclosure

Liquidation Value or Salvage Value




Aesthetic Value
Construction Cost
Inheritance Value
Present-Use Value




Bank Sale
Depreciated Asset or Book Value
Insured Value
Short Sale
GROUNDS FOR REVIEW OR APPEAL CANNOT INCLUDE THE FOLLOWING:

The percentage of increase over the previous reappraisal

Your financial ability to pay the anticipated tax
COMPARABLE PROPERTIES:
COMP #1
COMP #2
COMP #3
Owner
Name
Owner
Name
Owner
Name
PIN #
PIN #
PIN #
Sale Date
Sale Date
Sale Date
Sale Price
Sale
Price
Sale Price
Sq. Ft.
Sq. Ft.
Sq. Ft.
Acreage
Acreage
Acreage
Remarks:
Remarks:
Remarks:
*IF YOU HAD NEW CONSTRUCTION ON YOUR PROPERTY IN 2014 YOU MAY RECEIVE ANOTHER NOTICE.
*** MACON COUNTY IS NOW ONLINE ***

LOG ON TO: www.maconnctax.com

CLICK ON Land Records Search to search properties
IN-HOUSE REAPPRAISAL COST
• $355,000 over 8 years
• Less Discoveries $133,000
• 43,500 Real Estate Parcels
• $ 222,000/43500= $ 5.10 per parcel
• County savings of $21.84 parcel
• Total Savings for 2015 $ 1,083,150
• Total savings to Macon County since 1999
QUESTIONS