Property Valuation
In NC, a property's 'tax value' (assessed value) is used to determine property tax liability. For ad valorem tax purposes, properties should be assessed at:
A50% of market value
B80% of market value
C100% of market value (true value)✓ Correct
D125% of replacement cost
Explanation
NC law (G.S. 105-283) requires that all property be appraised at its true value in money — 100% of fair market value — for property tax assessment purposes. County revaluation must occur at least every 8 years.
Related North Carolina Property Valuation Questions
- The principle of 'conformity' in NC real estate value states that:
- An appraiser is using the income approach to value a small apartment building. The property generates $96,000 annual gross income and has a 10% vacancy rate, operating expenses of $30,000, and a cap rate of 8%. What is the indicated value?
- What is the gross rent multiplier (GRM) for a property that sells for $180,000 and rents for $1,500 per month?
- The 'effective age' of a building for appraisal purposes refers to:
- A NC appraiser who values a property using data from a declining market (falling prices) will need to make a 'time adjustment' that is:
- The 'assemblage' of multiple smaller parcels into one larger parcel may create 'plottage value' because:
- In NC, an appraiser who values a property for a divorce settlement would be performing a(n):
- An appraiser in NC who estimates the value of a proposed new development building uses which approach as the primary method?
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