2017 Revaluation Partner Quiz - Orange County, North Carolina

10 Questions

Settings
Please wait...
2017 Revaluation Partner Quiz - Orange County, North Carolina

.


Questions and Answers
  • 1. 
    Why do counties in North Carolina conduct a revaluation?
    • A. 

      To keep pace with other counties

    • B. 

      Planned, periodic revaluations help budgetary needs of the county

    • C. 

      Revaluations, as intended, equalize the real property tax base and bring properties up or down to current market value

    • D. 

      Federal law requires counties across the USA to conduct a revaluation every four years

  • 2. 
    How often must counties in North Carolina conduct a revaluation, per State law?
    • A. 

      Annually

    • B. 

      Every four (4) years

    • C. 

      Every eight (8) years

    • D. 

      Every ten (10) years

  • 3. 
    Primarily, why are foreclosure, distressed, related parties and corporate sales potentially excluded from a county's pool of qualified sales?
    • A. 

      Such sales often do not represent market value as defined by the North Carolina General Statutes

    • B. 

      Such sales would reduce taxes countywide

    • C. 

      These types of sales are purchased in cash and, therefore, are not indicative of the true market financing

    • D. 

      None of the above

  • 4. 
    Why would a property sell for a price different than its tax assessed value in any given year?
    • A. 

      It is a foreclosure, liquidation or estate estate sale and may not represent market value

    • B. 

      The sale date is different than the date of the county's last revaluation

    • C. 

      Changes in the economy have occurred since the county's last revaluation

    • D. 

      All of the above

  • 5. 
    North Carolina counties may adjust tax assessments for changes in the economy in a non-revaluation year?
    • A. 

      True

    • B. 

      False

  • 6. 
    What is an appraisal?
    • A. 

      The precise, scientific market value of a piece of property

    • B. 

      A replication of how much a property sold for

    • C. 

      An opinion and estimate of a property's market value

    • D. 

      The price paid for a property adjusted for inflation

  • 7. 
    What if I do not agree with the estimated value produced by the Tax Office for the 2017 countywide revaluation?  
    • A. 

      You may hire an attorney and make an argument to the courts about your property's assessment

    • B. 

      Contact the North Carolina Department of Revenue and file a complaint

    • C. 

      Post a YouTube video outlining your reasoning

    • D. 

      Contact the Orange County Tax Office directly for an informal review and consultation

  • 8. 
    Which of the following is true regarding mass appraisal (done by the Tax Assessor) and fee appraisal (done by private appraisers as part of a purchase agreement, for example).
    • A. 

      Mass appraisal applies the same appraisal principles and theories as a fee appraisal, but it applies these principles to groups of properties rather than an individual property.

    • B. 

      While groups of properties are appraised in mass, mass appraisal still involves research, analysis and revision at a single-property level as deemed necessary by the market.

    • C. 

      Mass appraisal and fee appraisal both require comparable sales data and other applicable market data.

    • D. 

      Both techniques can produce an accurate estimate of value given good, credible market data.

    • E. 

      All of the above are true

  • 9. 
    How can I learn more about and stay abreast of Orange County's 2017 countywide revaluation?
    • A. 

      Follow OCNCTAX on Twitter

    • B. 

      Subscribe to email updates from the Tax Office by visiting www.orangecountync.gov, then choose "stay connected" and choose "Tax Administration" as a subscription list.

    • C. 

      Attend a community presentation given by the Tax Office

    • D. 

      All of the above

  • 10. 
    When will taxpayers be notified of their new appraised value?
    • A. 

      Value change notices will be mailed to every property owner after the Tax Office has finalized and reviewed all factors. It is expected that these notices will be mailed between December 2016 and February 2017.

    • B. 

      Not until post-revaluation tax bills are mailed, around July or August 2017

    • C. 

      No value change notification will be mailed to taxpayers

    • D. 

      None of the above.