Property Valuation
In NC, county property tax assessments are supposed to reflect what percentage of market value?
A70% of market value
B80% of market value
C100% of market value✓ Correct
DThe assessed value is set by the NCREC
Explanation
Under NC law, county property tax assessments are supposed to reflect 100% of true market value as of the reappraisal date.
Related North Carolina Property Valuation Questions
- When NC appraisers analyze a residential subdivision lot's value, which method do they typically use?
- The 'principle of contribution' in NC appraisal holds that:
- In NC, a 'fee simple absolute' interest has what effect on appraisal value compared to a 'fee simple subject to restriction'?
- A NC appraisal that states the value 'as of' a specific date is reporting the property's value:
- When a NC property produces income, its 'net income multiplier' (NIM) is calculated as:
- The 'gross rent multiplier' (GRM) method is considered a quick, simplified income approach. It does NOT account for:
- NC appraisers are required to be licensed or certified by which state body?
- An appraiser completing a sales comparison approach for a home in Chapel Hill finds a comparable that sold 8 months ago. The appraiser must make a:
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