S159 Summary

• Counties meeting specified conditions regarding property valuation errors must conduct a reappraisal within 18 months or have a qualified appraisal company review all property values by neighborhood and make recommendations for corrections.

• Conditions triggering required action include independent evidence of significant inequity in commercial neighborhoods, inequity or erroneous data impacting residential neighborhoods, a general reappraisal performed in tax years 2008-2012, and a sample review of at least 375 properties by a qualified appraisal company.

• County commissioners must adjust assessed values to reflect true property values effective for the year of the last general reappraisal, prioritizing corrections for significantly overstated values first, then significantly understated values, then other over/understatements.

• Overpayment refunds must be issued to property owners with interest calculated at 5% per annum; additional taxes on undervalued properties are treated as discovered property taxes without discovery penalties.

• Suspends certain statutory time restrictions and procedures under North Carolina General Statutes Chapter 105 to allow corrections of erroneous property valuations from the 2008-2012 reappraisal period.