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October 17, 2011 (Regular Meeting) Page 657
<br />(2) A weighted average percentage based on the median ratio for
<br />real property established by the Department of Revenue as
<br />provided in subdivision (1) and a one hundred percent (1000)
<br />ratio for personal property. No percentage shall be applied in
<br />a year in which the median ratio for real property is ninety
<br />percent (900) or greater.
<br />If the median ratio for real property in any county is below ninety
<br />percent (900) and if the county assessor has provided information
<br />satisfactory to the Department of Revenue that the county follows accepted
<br />guidelines and practices in the assessment of business personal property, the
<br />weighted average percentage shall be applied to public service company
<br />property. In calculating the weighted average percentage, the Department
<br />shall use the assessed value figures for real and personal property reported
<br />by the county to the Local Government Commission for the preceding year. In
<br />any county which fails to demonstrate that it follows accepted guidelines and
<br />practices, the percentage to be applied shall be the median ratio for real
<br />property. The percentage established in a year in which a sales assessment
<br />ratio study is conducted shall continue to be applied until another study is
<br />conducted by the Department of Revenue.
<br />(c) Notice of the median ratio and the percentage to be applied for
<br />each county shall be given by the Department of Revenue to the chairman of
<br />the board of commissioners not later than April 15 of the year for which it
<br />is to be effective. Notice shall also be given at the same time to the public
<br />service companies whose property values are subject to adjustment under this
<br />section. Either the county or an affected public service company may
<br />challenge the real property ratio or the percentage established by the
<br />Department of Revenue by giving notice of exception within 30 days after the
<br />mailing of the Department's notice. Upon receipt of such notice of exception,
<br />the Department shall arrange a conference with the challenging party or
<br />parties to review the matter. Following the conference, the Department shall
<br />notify the challenging party or parties of its final determination in the
<br />matter. Either party may appeal the Department's determination to the
<br />Property Tax Commission by giving notice of appeal within 30 days after the
<br />mailing of the Department's decision.
<br />(d) Property that is in a development financing district and that is
<br />subject to an agreement entered into pursuant to G.S. 159 -108 shall be
<br />assessed at its true value or at the minimum value set out in the agreement,
<br />whichever is greater. (1939, c. 310, s. 500; 1953, c. 970, s. 5; 1955, c.
<br />1100, s. 2; 1959, c. 682; 1967, c. 892, s. 7; 1969, c. 945, s. 1; 1971, c.
<br />806, s. 1; 1973, c. 695, s. 12; 1985, c. 601, s. 1; 1987 (Reg. Sess., 1988),
<br />c. 1052, s. 1; 2003 -403, s. 20.)
<br />ARTICLE 14
<br />§ 105 -286. Time for general reappraisal of real property.
<br />(a) Octennial Plan. -- Unless the date shall be advanced as provided in
<br />subdivision (a) (2), below, each county of the State, as of January 1 of the
<br />year prescribed in the schedule set out in subdivision (a)(1), below, and
<br />every eighth year thereafter, shall reappraise all real property in
<br />accordance with the provisions of G.S. 105 -283 and 105 -317.M
<br />(1) Schedule of Initial Reappraisals.- -
<br />Division One- -1972: Avery, Camden, Cherokee, Cleveland, Cumberland, Guilford,
<br />Harnett, Haywood, Lee, Montgomery, Northampton, and Robeson.
<br />Division Two - -1973: Caldwell, Carteret, Columbus, Currituck, Davidson,
<br />Gaston, Greene, Hyde, Lenoir, Madison, Orange, Pamlico, Pitt, Richmond,
<br />Swain, Transylvania, and Washington.
<br />Division Three - -1974: Ashe, Buncombe, Chowan, Franklin, Henderson, Hoke,
<br />Jones, Pasquotank, Rowan, and Stokes.
<br />Division Four - -1975: Alleghany, Bladen, Brunswick, Cabarrus, Catawba, Dare,
<br />Halifax, Macon, New Hanover, Surry, Tyrrell, and Yadkin.
<br />Division Five - -1976: Bertie, Caswell, Forsyth, Iredell, Jackson, Lincoln,
<br />Onslcw, Person, Perquimans, Rutherford, Union, Vance, Wake, Wilson, and
<br />Yancey.
<br />Division Six - -1977: Alamance, Durham, Edgecombe, Gates, Martin, Mitchell,
<br />Nash, Polk, Randolph, Stanly, Warren, and Wilkes.
<br />Division Seven - -1978: Alexander, Anson, Beaufort, Clay, Craven, Davie,
<br />Duplin, and Granville.
<br />Division Eight - -1979: Burke, Chatham, Graham, Hertford, Johnston, McDowell,
<br />Mecklenburg, Moore, Pender, Rockingham, Sampson, Scotland, Watauga, and
<br />Wayne.
<br />(2) Advancing Scheduled Octennial Reappraisal. - -Any county desiring to
<br />conduct a reappraisal of real property earlier than required by this
<br />subsection (a) may do so upon adoption by the board of county commissioners
<br />of a resolution so providing. A copy of any such resolution shall be
<br />forwarded promptly to the Department of Revenue. If the scheduled date for
<br />reappraisal for any county is advanced as provided herein, real property in
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