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October 17, 2011 (Regular Meeting) Page 659
<br />(6) Each lot, parcel, tract, building, structure and improvement
<br />be separately appraised by a competent appraiser, either one
<br />appointed under the provisions of G.S. 105 -296 or one employed
<br />under the provisions of G.S. 105 -299.
<br />(7) Notice is given in writing to the owner that he is entitled to
<br />have an actual visitation and observation of his property to
<br />verify the accuracy of property characteristics on record for
<br />that property.
<br />(c) The values, standards, and rules required by subdivision (b) (1)
<br />shall be reviewed and approved by the board of county commissioners before
<br />January 1 of the year they are applied. The board of county commissioners may
<br />approve the schedules of values, standards, and rules to be used in
<br />appraising real property at its true value and at its present -use value
<br />either separately or simultaneously. Notice of the receipt and adoption by
<br />the board of county commissioners of either or both the true value and
<br />present -use value schedules, standards, and rules, and notice of a property
<br />owner's right to comment on and contest the schedules, standards, and rules
<br />shall be given as follows:
<br />(1) The assessor shall submit the proposed schedules, standards,
<br />and rules to the board of county commissioners not less than
<br />21 days before the meeting at which they will be considered by
<br />the board. On the same day that they are submitted to the
<br />board for its consideration, the assessor shall file a copy of
<br />the proposed schedules, standards, and rules in his office
<br />where they shall remain available for public inspection.
<br />(2) Upon receipt of the proposed schedules, standards, and rules,
<br />the board of commissioners shall publish a statement in a
<br />newspaper having general circulation in the county stating:
<br />a. That the proposed schedules, standards, and rules to be
<br />used in appraising real property in the county have been
<br />submitted to the board of county commissioners and are
<br />available for public inspection in the assessor's
<br />office; and
<br />b. The time and place of a public hearing on the proposed
<br />schedules, standards, and rules that shall be held by
<br />the board of county commissioners at least seven days
<br />before adopting the final schedules, standards, and
<br />rules.
<br />(3) When the board of county commissioners approves the final
<br />schedules, standards, and rules, it shall issue an order
<br />adopting them. Notice of this order shall be published once a
<br />week for four successive weeks in a newspaper having general
<br />circulation in the county, with the last publication being not
<br />less than seven days before the last day for challenging the
<br />validity of the schedules, standards, and rules by appeal to
<br />the Property Tax Commission. The notice shall state:
<br />a. That the schedules, standards, and rules to be used in
<br />the next scheduled reappraisal of real property in the
<br />county have been adopted and are open to examination in
<br />the office of the assessor; and
<br />b. That a property owner who asserts that the schedules,
<br />standards, and rules are invalid may except to the order
<br />and appeal therefrom to the Property Tax Commission
<br />within 30 days of the date when the notice of the order
<br />adopting the schedules, standards, and rules was first
<br />published.
<br />(d) Before the board of county commissioners adopts the schedules of
<br />values, standards, and rules, the assessor may collect data needed to apply
<br />the schedules, standards, and rules to each parcel in the county. (1939, c.
<br />310, s. 501; 1959, c. 704, s. 4; 1967, c. 944; 1971, c. 806, s. 1; 1973, c.
<br />476, s. 193; c. 695, s. 5; 1981, c. 224; c. 678, s. 1; 1985, c. 216, s. 2; c.
<br />628, s. 4; 1987, c. 45, s. 1; c. 295, s. 1; 1997 -226, s. 5.)
<br />Chapter 2
<br />SALES UTILIZATION AND FAIR MARKET VALUE
<br />PREFACE
<br />Sales Collection and verification is the single most important activity in
<br />the appraiser's office. There is no other activity necessary to the
<br />operation of the appraiser's office which is as important as the meticulous
<br />and regimented collection of sales data.
<br />Ultimately, all valuation approaches, regression, cost /market, or income rely
<br />upon the analysis of VALID, QUALIFIED, SALES in order to properly value a
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