amp other topics of interest Travis Isaacs NCDOR Valuation Specialist II PPS RMV Valuation What is DOR Value The value set by NCVTS VendorTEC Provided to the Countys Via DOR Values are Market Value ID: 916724
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Slide1
NCVTS RMV Valuation Fact or Fiction
& other topics of interest
Travis Isaacs, NCDOR, Valuation Specialist II, PPS
Slide2RMV Valuation
What is DOR Value?
The value set by NCVTS Vendor(TEC)
Provided to the County’s Via DOR
Values are Market Value
Sales Comparison Method
Mass Appraisal
Slide3RMV
Valustion
Who is responsible for valuing Registered Motor Vehicles(RMV’s)?
NCGS 105-283.2(b)
An Assessor must appraise a classified motor vehicle at is “true value” in money prescribed und NCGS 105-283. True value shall be interpreted as Market Value….
Slide4RMV Valuation
Can County’s change the DOR Value?
YES! County’s are responsible for the valuation and can change the value if they feel it is not correct or the citizen provides information that shows the valuation should be modified.
Slide5RMV Valuation
Typically RMV values go down?
YES
NO
Maybe
All of the above
Could a value go up?
Yes and why?
Slide6RMV Valuation
When is sales price used?
NCGS105-330.2(b)
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.
(Intent is to use the sales price for the initial registration period)
Slide7RMV Valuation Date
NCGS 105-330.2 (a)(1)&(2)
(1) For a registration expiring or an application for registration during the period of January 1 through August 31
st
, the value determined as of January 1 of the current year.
(2) For a registration expiring or an application for a new registration during the period September 1 through December 31
st
, the value is determined as of January 1 of the following year.
Slide8RMV Appeals
NCGS 105-330.2(b1)
Within 30 days of the date the taxes are due
Due date for renewals is the 15
th
of the month following the expiration of the renewal.
Registration expires August 31, 2019
Due date is September 15, 2019
New registrations are 30 days from the date of registration.
Registration purchased and taxes paid on September 12, 2019.
Due date is the day registration was purchased
LRP’s 60 days from the initial month of registration.
LRP requested on September 9, 2019
Due date is December 1, 2019
Slide9RMV Appeals
Is the DOR value always correct?
Yes/No….Why?
Number of Sales for Make and Model
Mass Appraisal…vehicle characteristics may be different
High Mileage
Body Damage
Sales Price
Private
Apprasial
, Pricing Guides, Online Searches.
Slide10Appeal Process
Informal
Assessor/Appraiser review information for accuracy
Notify Taxpayer
Formal
Appeal application
Board of E&R or County Commissioners
Notify Tax Payer
Property Tax Commission
Can appeal within 30 days of the date of the notice from Board of E&R or County Commissioners
Slide11Vintage Vehicle/Antique
When does a vehicle become a Vintage Vehicle?
The vintage vehicle queue is set for 35 years or older
Does this mean the value increases?
Yes if it is a certain make or model vehicle that is exotic or rare and demands a higher value.
Was is worth more in the 34
th
year?
Yes if it was worth more when it turned 35 years it probably was worth more in prior years.
Difficult for citizen to understand.
Why are the values lower?
Lack of sales data
Slide12Hot Topics
Gap Billing
IRP’s
Antique Autos
Reconciliation