§ 105-317.1. Appraisal of personal property; elements to be considered. - North Carolina Statutes

§ 105‑317.1.  Appraisalof personal property; elements to be considered.

(a)        Whenever anypersonal property is appraised it shall be the duty of the persons makingappraisals to consider the following as to each item (or lot of similar items):

(1)        The replacement costof the property;

(2)        The sale price ofsimilar property;

(3)        The age of theproperty;

(4)        The physicalcondition of the property;

(5)        The productivity ofthe property;

(6)        The remaining lifeof the property;

(7)        The effect ofobsolescence on the property;

(8)        The economic utilityof the property, that is, its usability and adaptability for industrial,commercial, or other purposes; and

(9)        Any other factorthat may affect the value of the property.

(b)        In determining thetrue value of taxable tangible personal property held and used in connectionwith the mercantile, manufacturing, producing, processing, or other businessenterprise of any taxpayer, the persons making the appraisal shall consider anyinformation as reflected by the taxpayer's records and as reported by thetaxpayer to the North Carolina Department of Revenue and to the InternalRevenue Service for income tax purposes, taking into account the accuracy ofthe taxpayer's records, the taxpayer's method of accounting, and the level oftrade at which the taxpayer does business.

(c)        A taxpayer who ownspersonal property taxable in the county may appeal the value, situs, ortaxability of the property within 30 days after the date of the initial noticeof value. If the assessor does not give separate written notice of the value tothe taxpayer at the taxpayer's last known address, then the tax bill serves asnotice of the value of the personal property. The notice must contain astatement that the taxpayer may appeal the value, situs, or taxability of theproperty within 30 days after the date of the notice. Upon receipt of a timelyappeal, the assessor must arrange a conference with the taxpayer to afford thetaxpayer the opportunity to present any evidence or argument regarding thevalue, situs, or taxability of the property. Within 30 days after theconference, the assessor must give written notice to the taxpayer of theassessor's final decision. Written notice of the decision is not required ifthe taxpayer signs an agreement accepting the value, situs, or taxability ofthe property. If an agreement is not reached, the taxpayer has 30 days from thedate of the notice of the assessor's final decision to request review of thatdecision by the board of equalization and review or, if that board is not insession, by the board of county commissioners. Unless the request for review isgiven at the conference, it must be made in writing to the assessor. Uponreceipt of a timely request for review, the provisions of G.S. 105‑322 orG.S. 105‑325, as appropriate, must be followed. (1971, c. 806, s. 1; 1987, c.813, s. 15; 2002‑156, s. 2.)