Community Conversations FAQ

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  • Where do my property tax dollars go?

Our tax insert, which was included with the most recent real estate tax bills, demonstrates how your tax dollars are used. 

  • Why can’t foreclosures be used as comps?

Foreclosures cannot be used as comparables because an appraiser is required to do a “market value” opinion of value. Market value, also called true value, is a sale between a willing buyer and seller, with neither party under duress.  These sales are also known as qualified sales.

A licensed fee appraiser must follow USPAP (Uniform Standards of Professional Appraisal Practices). USPAP does not allow an appraiser to use foreclosures when conducting an appraisal. In addition to USPAP, your local tax appraiser is also required to follow North Carolina General Statutes.

Any statement made that appraisers should use foreclosures is inaccurate. 

  • Why is the tax office using a different appraisal method than realtors are?

Realtors are not appraisers. Sometimes a realtor will offer a BPO (Broker Price Opinion). A BPO helps establish the price a property should be offered for sale. The NAR (National Association of Realtors) recently criticized some appraisers for using foreclosures, short sales, and run-down properties as comparables.

Even if the Realtor offers a BPO, the lending institution will still require an appraisal to be conducted by a licensed appraiser, and the appraiser will not be allowed to use foreclosures, as stated in the above question.

  • Why are the lake properties increasing more than other properties in the county?

Revaluation requires that all properties be appraised at market value. Market value is based on sales. During revaluation, some properties will have increased, some decreased, and some will have very little value change. Person County had 300 qualified sales (a sale between a willing buyer/seller as discussed above) in 2012, and these sales were used to determine market value.

Not unlike past years, lake properties continue to be the most desirable properties in the county, as demonstrated by the prices paid for these properties. Below are the MLS (Multiple Listing Service) properties for sale as of February 1, 2013. As you can see, the new 2013 tax values are below the current asking price for most of the lake properties.

On January 31, 2013, we had a lake property that was valued at $488,862 (new 2013 tax value) sell for $1,000,000.  

Please click here for more information.

Property Address               Listing Price    2013 Tax Value     Difference

260 Waters Edge Dr + Barn           1,369,500              1,171,016 -14.49%
140 Summerlyn Pl           1,295,000              1,306,525 0.89%
260 Waters Edge Dr               994,500                  972,345 -2.23%
78 Heron Cove Ln               899,000                  731,988 -18.58%
198 Phifer Ln               835,000                  736,983 -11.74%
135 Summerlyn Pl               779,000                  702,115 -9.87%
1138 Crystal Forest Dr               777,000                  617,923 -20.47%
673 Clearwater Ln               745,000                  758,514 1.81%
150 Cane Creek Dr               715,350                  614,104 -14.15%
166 Possum Trot Rd               699,900                  527,962 -24.57%
195 Black Angus Rd               635,000                  486,731 -23.35%
115 Cobb Creek Rd               600,000                  561,857 -6.36%
289 Waters Edge Ln               599,900                  585,396 -2.42%
102 Possum Trot Ln               599,000                  512,711 -14.41%
113 Cottage Ln               584,900                  541,079 -7.49%
75 N Stillwood Ln               575,000                  504,563 -12.25%
1056 S Landing Dr               575,000                  576,583 0.28%
169 Black Angus Rd               574,000                  521,822 -9.09%
385 Waters Edge Ln               549,000                  478,668 -12.81%
126 Cane Creek Dr               519,000                  528,541 1.84%
91 Sunset Pointe               499,900                  484,129 -3.15%
882 New Mayo Dr               499,900                  477,762 -4.43%
255 Bear Run Ln               499,900                  539,340 7.89%
257 Fletch Ada Ln               490,000                  503,337 2.72%
942 S Landing Dr               465,000                  522,549 12.38%
115 Embra Pl               449,000                  161,639 -64.00%
127 Kylasu Ln               425,000                  329,948 -22.37%
719 Wild Turkey Dr               423,500                  337,089 -20.40%
335 Kelly Brewer Rd               419,000                  373,718 -10.81%
90 Tree Top Rd               399,900                  372,172 -6.93%
735 Shore Acres Dr               399,900                  366,760 -8.29%
743 Lonach Dr               399,000                  308,560 -22.67%
715 Fox Lair Trl               398,000                  285,611 -28.24%
2 Crystal Bay Ln               385,000                  306,766 -20.32%
86 Glen View Rd               384,000                  273,013 -28.90%
165 Stillwater Ln               379,000                  374,303 -1.24%
6 Hyco Mountain Rd               347,000                  277,841 -19.93%
203 Glen View Rd               335,000                  357,601 6.75%
541 Quail Roost Dr               334,900                  289,724 -13.49%
160 Stillwater Ln               329,000                  394,900 20.03%
167 Hidden Hills Rd               315,000                  278,892 -11.46%
53 Sunrise Harbor Rd               284,000                  233,342 -17.84%
526 Wild Turkey Dr               265,000                  289,535 9.26%
240 Duke Ln               259,000                  159,331 -38.48%
395 Velvet Rd               254,000                  275,494 8.46%
213 Hardy Hollow Rd               249,900                  180,084 -27.94%