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October 17, 2011 (Regular Meeting) Page 656 BE IT FURTHER RESOLVED, that when the County budget for each succeeding fiscal year is in preparation, the Board, with the County Manager and County Assessor, shall review the progress of the reappraisal work, and the Board shall appropriate funds for reappraisal work during that year as may be necessary to continue the reappraisal work and to assure the completion of the reappraisal work on schedule for a quadrennial revaluation cycle. BE IT FURTHER RESOLVED that a copy of this resolution be forwarded promptly by the Clerk to the Board to the Department of Revenue as required by G.S. §105 -286. Adopted this 23 day of July 2007. /s/ Robert W. Carruth Robert W. Carruth, Chairman Board of Commissioners Attest: /s/ Kay Honeycutt Kay Honeycutt Clerk to the Board 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