- Where do my property tax dollars go?
Our tax insert, which was included with the most recent real estate tax bills, demonstrates how your tax dollars are used.
- Why can’t foreclosures be used as comps?
Foreclosures cannot be used as comparables because an appraiser is required to do a “market value” opinion of value. Market value, also called true value, is a sale between a willing buyer and seller, with neither party under duress. These sales are also known as qualified sales.
A licensed fee appraiser must follow USPAP (Uniform Standards of Professional Appraisal Practices). USPAP does not allow an appraiser to use foreclosures when conducting an appraisal. In addition to USPAP, your local tax appraiser is also required to follow North Carolina General Statutes.
Any statement made that appraisers should use foreclosures is inaccurate.
- Why is the tax office using a different appraisal method than realtors are?
Realtors are not appraisers. Sometimes a realtor will offer a BPO (Broker Price Opinion). A BPO helps establish the price a property should be offered for sale. The NAR (National Association of Realtors) recently criticized some appraisers for using foreclosures, short sales, and run-down properties as comparables.
Even if the Realtor offers a BPO, the lending institution will still require an appraisal to be conducted by a licensed appraiser, and the appraiser will not be allowed to use foreclosures, as stated in the above question.
- Why are the lake properties increasing more than other properties in the county?
Revaluation requires that all properties be appraised at market value. Market value is based on sales. During revaluation, some properties will have increased, some decreased, and some will have very little value change. Person County had 300 qualified sales (a sale between a willing buyer/seller as discussed above) in 2012, and these sales were used to determine market value.
Not unlike past years, lake properties continue to be the most desirable properties in the county, as demonstrated by the prices paid for these properties. Below are the MLS (Multiple Listing Service) properties for sale as of February 1, 2013. As you can see, the new 2013 tax values are below the current asking price for most of the lake properties.
On January 31, 2013, we had a lake property that was valued at $488,862 (new 2013 tax value) sell for $1,000,000.
Please click here for more information.
Property Address Listing Price 2013 Tax Value Difference
|260 Waters Edge Dr + Barn||1,369,500||1,171,016||-14.49%|
|140 Summerlyn Pl||1,295,000||1,306,525||0.89%|
|260 Waters Edge Dr||994,500||972,345||-2.23%|
|78 Heron Cove Ln||899,000||731,988||-18.58%|
|198 Phifer Ln||835,000||736,983||-11.74%|
|135 Summerlyn Pl||779,000||702,115||-9.87%|
|1138 Crystal Forest Dr||777,000||617,923||-20.47%|
|673 Clearwater Ln||745,000||758,514||1.81%|
|150 Cane Creek Dr||715,350||614,104||-14.15%|
|166 Possum Trot Rd||699,900||527,962||-24.57%|
|195 Black Angus Rd||635,000||486,731||-23.35%|
|115 Cobb Creek Rd||600,000||561,857||-6.36%|
|289 Waters Edge Ln||599,900||585,396||-2.42%|
|102 Possum Trot Ln||599,000||512,711||-14.41%|
|113 Cottage Ln||584,900||541,079||-7.49%|
|75 N Stillwood Ln||575,000||504,563||-12.25%|
|1056 S Landing Dr||575,000||576,583||0.28%|
|169 Black Angus Rd||574,000||521,822||-9.09%|
|385 Waters Edge Ln||549,000||478,668||-12.81%|
|126 Cane Creek Dr||519,000||528,541||1.84%|
|91 Sunset Pointe||499,900||484,129||-3.15%|
|882 New Mayo Dr||499,900||477,762||-4.43%|
|255 Bear Run Ln||499,900||539,340||7.89%|
|257 Fletch Ada Ln||490,000||503,337||2.72%|
|942 S Landing Dr||465,000||522,549||12.38%|
|115 Embra Pl||449,000||161,639||-64.00%|
|127 Kylasu Ln||425,000||329,948||-22.37%|
|719 Wild Turkey Dr||423,500||337,089||-20.40%|
|335 Kelly Brewer Rd||419,000||373,718||-10.81%|
|90 Tree Top Rd||399,900||372,172||-6.93%|
|735 Shore Acres Dr||399,900||366,760||-8.29%|
|743 Lonach Dr||399,000||308,560||-22.67%|
|715 Fox Lair Trl||398,000||285,611||-28.24%|
|2 Crystal Bay Ln||385,000||306,766||-20.32%|
|86 Glen View Rd||384,000||273,013||-28.90%|
|165 Stillwater Ln||379,000||374,303||-1.24%|
|6 Hyco Mountain Rd||347,000||277,841||-19.93%|
|203 Glen View Rd||335,000||357,601||6.75%|
|541 Quail Roost Dr||334,900||289,724||-13.49%|
|160 Stillwater Ln||329,000||394,900||20.03%|
|167 Hidden Hills Rd||315,000||278,892||-11.46%|
|53 Sunrise Harbor Rd||284,000||233,342||-17.84%|
|526 Wild Turkey Dr||265,000||289,535||9.26%|
|240 Duke Ln||259,000||159,331||-38.48%|
|395 Velvet Rd||254,000||275,494||8.46%|
|213 Hardy Hollow Rd||249,900||180,084||-27.94%|