§ 105-284. Uniform assessment standard. - North Carolina Statutes

§ 105-284.  Uniform assessmentstandard.

(a)        Except as otherwiseprovided in this section, all property, real and personal, shall be assessedfor taxation at its true value or use value as determined under G.S. 105‑283or G.S. 105-277.6, and taxes levied by all counties and municipalities shall belevied uniformly on assessments determined in accordance with this section.

(b)        The assessed valueof public service company system property subject to appraisal by theDepartment of Revenue under G.S. 105-335(b)(1) shall be determined by applyingto the allocation of such value to each county a percentage to be establishedby the Department of Revenue. The percentage to be applied shall be either:

(1)        The median ratioestablished in sales assessment ratio studies of real property conducted by theDepartment of Revenue in the county in the year the county conducts areappraisal of real property and in the fourth and seventh years thereafter; or

(2)        A weighted averagepercentage based on the median ratio for real property established by theDepartment of Revenue as provided in subdivision (1) and a one hundred percent(100%) ratio for personal property. No percentage shall be applied in a year inwhich the median ratio for real property is ninety percent (90%) or greater.

If the median ratio for realproperty in any county is below ninety percent (90%) and if the county assessorhas provided information satisfactory to the Department of Revenue that thecounty follows accepted guidelines and practices in the assessment of businesspersonal property, the weighted average percentage shall be applied to publicservice company property. In calculating the weighted average percentage, theDepartment shall use the assessed value figures for real and personal propertyreported by the county to the Local Government Commission for the precedingyear. In any county which fails to demonstrate that it follows acceptedguidelines and practices, the percentage to be applied shall be the medianratio for real property. The percentage established in a year in which a salesassessment ratio study is conducted shall continue to be applied until anotherstudy is conducted by the Department of Revenue.

(c)        Notice of themedian ratio and the percentage to be applied for each county shall be given bythe Department of Revenue to the chairman of the board of commissioners notlater than April 15 of the year for which it is to be effective. Notice shallalso be given at the same time to the public service companies whose propertyvalues are subject to adjustment under this section. Either the county or anaffected public service company may challenge the real property ratio or thepercentage established by the Department of Revenue by giving notice ofexception within 30 days after the mailing of the Department's notice. Uponreceipt of such notice of exception, the Department shall arrange a conferencewith the challenging party or parties to review the matter. Following theconference, the Department shall notify the challenging party or parties of itsfinal determination in the matter. Either party may appeal the Department'sdetermination to the Property Tax Commission by giving notice of appeal within30 days after the mailing of the Department's decision.

(d)        Property that is ina development financing district and that is subject to an agreement enteredinto pursuant to G.S. 159-108 shall be assessed at its true value or at theminimum value set out in the agreement, whichever is greater.(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. 12; 1985, c. 601, s. 1; 1987 (Reg. Sess., 1988), c. 1052, s.1; 2003-403, s. 20.)