North Carolina Schedule of Values:
An Overview
The Schedule of Values in North Carolina is the definitive manual for determining the market value of real property for tax purposes. This comprehensive guide establishes the standards, methods, and procedures for conducting mass appraisals during a countywide reappraisal.
Key Components:
Valuation tables for land.
Construction cost guidelines for various property types.
Adjustment factors to account for current market conditions.
County-Level Implementation:
Each county's specific Schedule of Values (e.g., Scotland County) is developed by the County Assessor and requires approval from the County Board of Commissioners. This approved schedule serves as the official framework for property valuation until the subsequent scheduled revaluation.