NC H200

Allows county boards to correct property tax assessments from 2008-2012 general reappraisals if independent appraisal evidence shows significant valuation inequities in commercial and residential neighborhoods, with a sample size of at least 375 properties reviewed on-site.

Requires counties meeting these conditions to either conduct a new reappraisal within 18 months or hire a qualified appraisal company to review all property values by neighborhood and make corrective recommendations.

Mandates that counties adjust property assessments for errors prioritized by: significantly overstated values first, significantly understated values second, then other overstated and understated values.

Establishes a 5% annual interest rate on refunds for properties with overstated values, and treats additional taxes on understated value properties as discovered property taxes without discovery penalties.

Exempts refunds issued under this act from the standard three-year limitation period in G.S. 105-380.