NC H323

Allow county boards of commissioners to disregard the latest real property reappraisal and revert to the previous reappraisal if adopted by resolution no later than July 1 of the fiscal year when the latest reappraisal would take effect, provided the board determines the preceding reappraisal better complies with assessment standards.

Require county boards to hold a public hearing with at least 10 days' notice before adopting a reversion resolution, and designate a new reappraisal cycle with a general reappraisal within eight years of the preceding reappraisal.

Require counties to update tax abstracts and records to reflect reverted values and process refunds to taxpayers who overpaid taxes due to inflated assessments in the latest reappraisal.

Provide taxpayers with 30 days from notice to appeal any adjusted values resulting from the reappraisal reversion.

Calculate interest on refunds as if ordered by the county board of equalization and review, and treat any additional taxes owed as taxes on discovered property.