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CABARRUS COUNTY 2012 APPRAISAL MANUAL Finally, it must be remembered, the true test of a mass appraisal system rests upon its acceptance by the County Assessor, the taxpayers and administrative review bodies such as the Board of County Commissioners, Board of Equalization and Review, Department of Revenue and the courts. The material contained in this manual is provided to enable the user to apply standard procedures to the mass appraisal of property. In certain cases, the procedures are manually implemented and controlled; in others, the highly sophisticated data processing and appraisal systems are available to assure standard methods are employed. The principle to be recognized is that of standardization of data and operations as a vehicle to achieving the goals of the appraisal system. The North Carolina Machinery Act ARTICLE 13 Standards for Appraisal and Assessment. Sec. § 105 -283. Uniform appraisal standards. § 105 -284. Uniform assessment standard. § 105 -283. Uniform appraisal standards. All property, real and personal, shall as far as practicable be appraised or valued at its true value in money. When used in this Subchapter, 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 and financially able buyer and a willing seller, neither being under any compulsion to buy or to 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. For the purposes of this section, the acquisition of an interest in land by an entity having the power of eminent domain with respect to the interest acquired shall not be considered competent evidence of the true value in money of comparable land. (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.) § 105 -284. Uniform assessment standard. (a) Except as otherwise provided in this section, all property, real and personal, shall be assessed for taxation at its true value or use value as determined under G.S. 105 -283 or G.S. 105- 277.6, and taxes levied by all counties and municipalities shall be levied uniformly on assessments determined in accordance with this section. (b) The assessed value of public service company system property subject to appraisal by the Department of Revenue under G.S. 105- 335(b)(1) shall be determined by applying to the allocation of such value to each county a percentage to be established by the Department of Revenue. The percentage to be applied shall be either: (1) The median ratio established in sales assessment ratio studies of real property conducted by the Department of Revenue in the county in the year the county conducts a reappraisal of real property and in the fourth and seventh years thereafter; or (2) A weighted average percentage based on the median ratio for real property established by the Department 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 in which the median ratio for real property is ninety percent (90 %) or greater. If the median ratio for real property in any county is below ninety percent (90 %) and if the county assessor has provided information satisfactory to the Department of Revenue that the county follows accepted guidelines and practices in the assessment of business personal property, the weighted average percentage shall be applied to public service company property. In calculating the weighted average percentage, the Department shall use the Cabarrus County — 2012 Revaluation INTRODUCTION 1-3 8/9/11 Attachment number 3 G -3 Page 277