1. ROBIN ROGERS NORTH CAROLINA DEPARTMENT OF REVENUE PROPERTY TAX VALUATION SPECIALIST I ADVANCED PERSONAL PROPERTY SEMINAR KOURY CENTER – GREENSBORO, NC SEPTEMBER 23,2014 MOTOR VEHICLES

2. VEHICLE VALUE Discussion Questions WHERE DO THE VALUES COME FROM? HOW IS VALUE DETERMINED? CAN VALUE BE CHANGED?

3. 105.330.2 (b) Value. –An assessor must appraise a classified motor vehicle at its true value in money as prescribed by G.S.105-283. The sales price of a classified motor vehicle purchased from a dealer, including all accessories attached to the vehicle when it is delivered to the purchaser, is considered the true value of the vehicle, and the assessor must appraise the vehicle at this value.

5. Cont’d The Property Tax Division of the Department of Revenue must annually adopt a schedule of values, standards, and rules to be used in the valuation of all other classified motor vehicles to ensure equitable statewide valuations, taking into account local market conditions and allowing adjustments for mileage and the condition of the vehicles.

6. North Carolina Department of Revenue Schedule of Values, Standards and Rules Where do I find this information? ncvtsdorsupport.farragut.com Click on: Solutions Tab County User Resources NCDOR Recommended Body Type Depreciation Schedules Branded Titles Value Reduction in the VTS

7. 105.330.2(b1) Valuation Appeal.- The owner of a classified motor vehicle may appeal the appraised value of the vehicle by filing a request for appeal with the assessor within 30 days of the date taxes are due on the vehicle under G.S. 105-330.4. An owner who appeals the appraised value of a classified motor vehicle must pay the tax on the vehicle when due, subject to a full or partial refund if the appeal is decided in the owner’s favor. The combined tax and registration notice or tax receipt for a classified motor vehicle must explain the right to appeal the appraised value of the vehicle.

8. Resources NADA – Cars, Recreational Vehicles CPI Old Car Price Guide Kelley Blue Book Physical Inspection Appraisal stating retail value as of 1/1 Estimate from a body shop Websites – Cars.Com Make sure the value you’re selecting represents “ Retail Value ”

9. THINGS TO REMEMBER DOR has a residual value VTS has a residual value They are NOT the same. The VTS has a residual that is a little lower to allow for adjustments. DOR logs the issues/complaints regarding vehicle valuations and will be researching this in more detail while working closely with TEC

12. Where do I find the full list of VTS residual values? ncvtsdorsupport.farragut.com Click on: Solutions Tab County User Resources

13. NEVER FORGET…… You are an appraiser and DOR is only required to provide values, however counties can change this. The VTS did not change the issues we have had for years with values. You still have the authority to make an adjustment to the value.

14. QUESTIONS?