Robin Rogers North Carolina department of revenue Property Tax valuation specialist I advanced personal property seminar Koury center

1
Robin RogersNorth Carolina department of
revenueProperty Tax valuation specialist
Iadvanced personal property seminarKoury center
greensboro, ncseptember 23,2014

• MOTOR VEHICLES

2
VEHICLE VALUE

• Discussion Questions
• WHERE DO THE VALUES COME FROM?
• HOW IS VALUE DETERMINED?
• CAN VALUE BE CHANGED?

3
105.330.2

• (b) Value. An assessor must appraise a
  classified motor vehicle at its true value in
  money as prescribed by G.S.105-283. The sales
  price of a classified motor vehicle purchased
  from a dealer, including all accessories attached
  to the vehicle when it is delivered to the
  purchaser, is considered the true value of the
  vehicle, and the assessor must appraise the
  vehicle at this value.

4
(No Transcript)
5
Contd

• The Property Tax Division of the Department of
  Revenue must annually adopt a schedule of values,
  standards, and rules to be used in the valuation
  of all other classified motor vehicles to ensure
  equitable statewide valuations, taking into
  account local market conditions and allowing
  adjustments for mileage and the condition of the
  vehicles.

6
North Carolina Department of Revenue Schedule of
Values, Standards and Rules

• Where do I find this information?
• ncvtsdorsupport.farragut.com
• Click on
• Solutions Tab
• County User Resources
• NCDOR Recommended Body
• Type Depreciation Schedules
• Branded Titles Value Reduction in the
  VTS

7
105.330.2(b1)

• Valuation Appeal.- The owner of a classified
  motor vehicle may appeal the appraised value of
  the vehicle by filing a request for appeal with
  the assessor within 30 days of the date taxes are
  due on the vehicle under G.S. 105-330.4. An
  owner who appeals the appraised value of a
  classified motor vehicle must pay the tax on the
  vehicle when due, subject to a full or partial
  refund if the appeal is decided in the owners
  favor.
• The combined tax and registration notice or tax
  receipt for a classified motor vehicle must
  explain the right to appeal the appraised value
  of the vehicle.

8
Resources

• NADA
• Cars, Recreational Vehicles
• CPI
• Old Car Price Guide
• Kelley Blue Book
• Physical Inspection
• Appraisal stating retail value as of 1/1
• Estimate from a body shop
• Websites
• Cars.Com
• Make sure the value youre selecting represents
• Retail Value

9
THINGS TO REMEMBER

• DOR has a residual value
• VTS has a residual value
• They are NOT the same.
• The VTS has a residual that is a little lower to
  allow for adjustments.
• DOR logs the issues/complaints regarding vehicle
  valuations and will be researching this in more
  detail while working closely with TEC

10
(No Transcript)
11
(No Transcript)
12
Where do I find the full list of VTS residual
values? ncvtsdorsupport.farragut.com Clic
k on Solutions Tab County User Resources
13
NEVER FORGETYou are an appraiser and DOR is
only required to provide values, however counties
can change this. The VTS did not change the
issues we have had for years with values. You
still have the authority to make an adjustment to
the value.
14
QUESTIONS?