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Home My WebLink AboutFebruary 15 2011 4PM Meeting Regular MinutesIREDELL COUNTY BOARD OF COMMISSIONERS MINUTES FOR THE REVALUATION UPDATE — Continuation of the February 1, 2011 Meeting FEBRUARY 15, 2011 The Iredell County Board of Commissioners met on Tuesday, February 15, 2011, at 4:00 P.M., in the Iredell County Government Center (South Wing Conference Room), 200 South Center Street, Statesville, NC. (This was a continuation of the February 1, 2011 meeting.) Board Members Present Chairman Steve Johnson Vice Chairman Marvin Norman Renee Griffith Frank Mitchell Absent: Ken Robertson Staff present: County Manager Joel Mashburn, County Attorney Bill Pope, Deputy County Manager Tracy Jackson, Assistant County Manager Ron Smith, Finance Director Susan Blumenstein, Tax Administrator Bill Furehes, County Assessor Steve Ervin, Property Tax Appraiser Kathy Hoover, Property Sales Analyst & Data Coordinator Chip Parks, Cooperative Extension Service Director Ken Vaughn, and Clerk to the Board Jean Moore. REVALUATION UPDATE County Assessor Steve Ervin said the revaluation process during the past two years had been "intense," and the data had been analyzed in great detail. Some of the information provided during the update is as follows: •93,044 parcels were reviewed -On a market value comparison, the county decreased by -1.500% • The New Hope Township value increased by 5.63% while the Statesville Township decreased by -3.96%. • Pertaining to the townships, the northern ones increased, the middle ones were flat to down, and the lower ones decreased. • The county is divided into appraisal neighborhoods. These are created by grouping together areas similar in characteristics, and then a base land value is created. Properties designated as 0120 are rural, agricultural sites that are not in subdivisions, plus they exclude commercial and industrial sites. Revaluation 2011- Percent of Value Change by Township Based on Assessed Value Totals by Percent of Change % Change Range of Value Chane Percent of Total Parcels Number of Parcels Greater than 5% decrease 25.99% 24173 05-01% decrease 32.00% 29758 00-04% increase 25.15% 23393 05-14% increase 9.75% 9071 15-35% increase 4.73% 4397 36-60% increase 1.24% 1157 61-u % increase 1.13% 1055 Total parcels 100.00% 93004* *Total parcel count does not include parcels not yeta raised • The New Hope Township value increased by 5.63% while the Statesville Township decreased by -3.96%. • Pertaining to the townships, the northern ones increased, the middle ones were flat to down, and the lower ones decreased. • The county is divided into appraisal neighborhoods. These are created by grouping together areas similar in characteristics, and then a base land value is created. Properties designated as 0120 are rural, agricultural sites that are not in subdivisions, plus they exclude commercial and industrial sites. Revaluation 2011- Percent of Value Change by Township Based on Assessed Value Township % Change 2010 Value 2011 Proposed Value 01 Statesville Inside -3.96% $1,950,131,735 $1,872,906,875 02 Statesville Outside -2.20% $347,054,860 $339,432,000 03 Coddle Creek -1.39% $2,886,762,365 $2,846,585,780 04 New Hope 5.63% $164,432,530 $173,690,660 05 Union Grove 4.00% $193,885,240 $201,632,140 06 Eagle Mills 3.96% $170,085,920 $176,826,680 07 Turnersburg 3.77% $249,848,300 $259,279,380 08 Olin 0.17% $223,326,580 $223,706,050 09 Sharpsburg 3.40% $208,150,140 $215,232,800 10 Concord -1.15% $482,819,990 $477,269,760 11 Bethany 0.07% $493,094,720 $493,452,660 12 Cool Springs 4.36% $279,375,650 $291,561,200 13 Chambersburg -0.92% $770,534,800 $763,462,880 14 Shiloh -0.59% $627,304,780 $623,600,440 15 Fallstown -1.11% $1,348,203,690 $1,333,279,990 16 Barringer -2.18% $691,071,420 $676,015,840 17 Davidson -3.22% $7,057,981,110 $6,830,608,794 Total -1.90% $18,144,063,830 $17,798,543,929 Revaluation 2011 - % of Value Change by Property Type Values Based on Market Value Property Type % Change 2010 Value 2011 Proposed Value Total Parcels Single Family -1.92% $]1,440,361,815 $11,200,372,230 49,059 Manufactured Homes -15.67% $602,689,730 $508,234,560 6,591 Condominium -4.96% $87,636,060 $83,288,130 576 Commercial -5.76% $2,179,469,834 $2,053,930,130 2,762 Industrial -1.27% $1,361,984,876 $1,344,716,910 2,217 Multi -Family -2.31% $323,836,225 $316,344,056 1,311 All Parcels Market -1.50% $19,170,647,570 $18,883,147,144 94,044 Rural Acreage 6.63% $2,129,960,340 $2,271,165,800 25204 • The majority of the rural land sales are above 1-40 • Most rural land sales were farmer to farmer • Agricultural land rents in Iredell County, since 2006, have increased 23% Revaluation 2011 — Sales Ratio by Property Type 2010 Sales of Single Family Number of Sales — 455 Median Ratio 99 Residential Units Built 2002-2010 2010 Sales Property Type Number of Sales Median Ratio All parcels 1,338 98.892 Residential Vacant Acreage 55 98.978 Residential Property 988 98.969 Manufactured homes 40 98.717 Condominium 24 98.312 Office 4 101.782 Commercial 21 96.394 Industrial 12 102.357 Multi -Family 2 107.01 2 2009 Sales — Property Type Number of Sales Median Ratio All parcels 1,419 98.191 Residential Vacant Acreage 46 98.431 Residential Property 978 98.231 Manufactured Homes 49 96.835 Condominium 22 97,435 Office 2 88.049 Commercial 23 94.060 Industrial 13 99.600 Multi Family 5 98.483 Value Changes in Cities & Towns Jurisdiction 2010 Value 2011 Value % Change Town of Mooresville $4,118,967,505 $4,029,796,774 -2.16% Town of Troutman $281,910,900 $270,931,980 -3.89% Town of Harmony $25,054,660 $24,837,880 -0.87% Town of Love Valley $9,563,180 $9,751,030 1.96% Town of Davidson $73,768,990 $74,692,860 1.25% City of Statesville $2,149,000,585 $2,068,125,215 -3.76% Mooresville Downtown $35,066,850 $34,332,490 -2.09% Statesville Downtown $85,257,920 $85,547,650 0.34% Sales Analyst & Data Coordinator Chip Parks shared the following information about foreclosures and the market. • There were approximately 490 single family residential improved foreclosures in 2009 and approximately 590 in 20 10. Actual Foreclosure Counts 2006 2007 2008 2009 2010 Residential Parcels 53,243 55,235 56,890 57,859 58,659 New homes 1991 1654 969 387 350(E) Foreclosures 403 360 421 493 592 Percent of Foreclosures 0.8% 0.7% 0.7% 0.9% 1.0% *(E) Estimated -Adjustments were made in areas with a high concentration of foreclosures to account for the negative impact to the real estate market. -Bank owned and short sales were researched and real estate agents were contacted to verify the condition of the property and any sales concessions. Adjustments to the sales prices were made, if justified. -The sales ratios (assessed value/sales price) were analyzed for both arms -length sales and bank owned or short sales. These ratios were compared to determine an adjustment as a percentage. -These adjustments were applied to the affected appraisal neighborhoods as an economic obsolescence adjustment. •In total, approximately 50 neighborhoods in Iredell County were adjusted for the negative impact of foreclosures. Weighting Process for Foreclosures An example would be as follows: • 18 total sales • 7 valid sales • 2 foreclosures • 7 bank owned sales • 4 short sales With a total of 18 sales, with 7 being valid sales and 11 being foreclosure related or short sales, the aggregate assessment to sales ratio is weighted. (Valid Ratio *% Valid Sales) + (Bank Ratio * % Bank & Short) = 1.04 (4% over assessed) In this case, the appraisal neighborhood's assessments were reduced by 4%. County Assessor Steve Ervin said a brochure explaining the revaluation process would be included in the revaluation notices sent to property owners on February 18, 2011. ADJOURNMENT: MOTIO by Chairman Johnson to adjourn the meeting at 5 P.M VOTING: Ayes — 4; Nays — 0. Approved: 4 Clerk to the Board