§ 105-283. Uniform appraisal standards. - North Carolina Statutes

Article13.

Standards for Appraisaland Assessment.

§ 105‑283.  Uniformappraisal standards.

All property, real andpersonal, shall as far as practicable be appraised or valued at its true valuein money. When used in this Subchapter, the words "true value" shallbe interpreted as meaning market value, that is, the price estimated in termsof money at which the property would change hands between a willing andfinancially able buyer and a willing seller, neither being under any compulsionto buy or to sell and both having reasonable knowledge of all the uses to whichthe property is adapted and for which it is capable of being used. For thepurposes of this section, the acquisition of an interest in land by an entityhaving the power of eminent domain with respect to the interest acquired shallnot be considered competent evidence of the true value in money of comparableland. (1939, c. 310, s. 500; 1953, c. 970, s. 5; 1955, c.1100, s. 2; 1959, c. 682; 1967, c. 892, s. 7; 1969, c. 945, s. 1; 1971, c. 806,s. 1; 1973, c. 695, s. 11; 1977, 2nd Sess., c. 1297.)