What does the real estate assessed value represent?
All property, real and personal, shall as far as practicable, be appraised or valued at its true value in money and with respect to real property as of the effective date of the last countywide reappraisal. The words “true value” shall be interpreted as meaning market value; that is, the price estimated in terms of money at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of all the uses to which the property is adapted and for which it is capable of being used (N.C.G.S. 105-283).
All property, real and personal, shall as far as practicable be appraised or valued at its true value in money as of the effective date of the last countywide reappraisal…the words “true value” shall be interpreted as meaning market value, that is, the price estimated in terms of money at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of all the uses to which the property is adapted and for which it is capable of being used (N.C.G.S. 105-283).
All property, real and personal, shall as far as practicable be appraised or valued at its true value in money as of the effective date of the last countywide reappraisal…the words “true value” shall be interpreted as meaning market value, that is, the price estimated in terms of money at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of all the uses to which the property is adapted and for which it is capable of being used (N.C.G.S. 105-283).
All property, real and personal, shall as far as practicable, be appraised or valued at its true value in money and with respect to real property as of the effective date of the last countywide reappraisal. The words “true value” shall be interpreted as meaning market value; that is, the price estimated in terms of money at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of all the uses to which the property is adapted and for which it is capable of being used (N.C.G.S. 105-283).
Related Questions
- What does Assessed Value of real estate mean? How is real estate tax due on a particular parcel of real estate calculated?
- If the lenders appraisal comes out higher than the tax assessed value, could the real estate taxes go up?
- What is the difference between the Appraised Value and the Assessed Value of a parcel of real estate?
