Strategic Business Planning Initiative Update · Item #1: Assessed Valuation Estimate FY18 Item 1 –Budget vs Actual * Adjusted base –removed one-time valuations anomalies FY17

https://www.dropbox.com/s/ut77x75rfp95rpa/Reappraisal Edit.mp4?dl=0

ASSESSMENT UPDATEAssessed Value Projections & 2019 Revaluation Update

KEN JOYNER

BOARD OF COUNTY COMMISSIONERS ANNUAL RETREAT

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ASSESSMENT UPDATE• Framework for the BOCC update

• Item 1 - Assessed Valuation Estimate for FY18

• Point 1 – Budget vs Actual - FY17

• Point 2 – Explanation of the FY 17 Base including one-time revenue sources

• Point 3 – FY18 Projection

• Item 2 - 2019 Revaluation Update

• Point 1 – Our Values

• Point 2 – Our Story

• Point 3 – Our Response to 2011 Revaluation

• Point 4 – BOCC Calendar of Events

• Point 5 – Market Data 5 & 10 Year Trends

• Point 6 – 2017 District Samples

• Point 7 – 2017 Commercial Averages

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Item #1: Assessed Valuation Estimate FY18

◦ Item 1 – Budget vs Actual

* Adjusted base – removed one-time valuations anomalies

FY17 Budget FY17 Actuals *

Real Estate 99,265,612,901 99,231,547,363

Personal 9,418,778,607 9,674,539,724

Motor Vehicles 9,056,459,552 9,330,000,000

Public Utilities 4,446,494,030 4,622,083,574

TOTAL 122,187,345,090 122,858,170,661

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Assessed Valuation Estimate FY18

◦ Item 1 – Adjusted FY17 Actuals INCLUDING the One-Time REVENUE Items

FY17

Real Estate 99,231,547,363

Personal 9,674,539,724

Motor Vehicles 9,330,000,000

Public Utilities 4,622,083,574

Total excluding one-time funding 122,858,170,661

Prior Year BPP Audit + 287,100,134

SL362 Discoveries + 783,754,850

Total FY17 Billing 123,929,025,645

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Assessed Valuation Estimate FY18

◦ Item 1 - Assessed Valuation Estimate for FY18

* Adjusted base – removed one-time valuations anomalies

FY17 Budget FY17 Actuals * FY18 Estimate

Real Estate 99,265,612,901 99,231,547,363 101,511,632,281

Personal 9,418,778,607 9,674,539,724 9,780,198,691

Motor Vehicles 9,056,459,552 9,330,000,000 9,588,277,342

Public Utilities 4,446,494,030 4,622,083,574 4,977,430,181

TOTAL 122,187,345,090 122,858,170,661 125,857,538,495

% Change to FY18 over budget 3.00% over actual 2.44%

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Item #2: 2019 Revaluation Update“We Value Mecklenburg County”

Our Values:• Visit and Inspect Properties

• Appraisal Principles

• Law Based

• Uniformity

• Equitable

• Stability and Consistency

2019 Revaluation Update“We Value Mecklenburg County”

Our Story:• Transparent

• Market Based

• Customer Service

• Open Minded

• Stability/Consistency

• Appraisal Principles

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The 2011 Revaluation brought about many concerns from our citizens and elected officials

In response to those concerns:• The Board of County Commissioners overhauled the Board of Equalization & Review

• The County Assessor’s Office (CAO) was established as a standalone department

• County Manager’s Office and the Board of County Commissioners appropriated new positions and additional money to support the department

• A permanent Revaluation Division was established to coordinate future revaluations

• CAO is instituting a Dispute Resolution Solution (Modria) to help manage the expected 45-55,000 inquiries following the mailing of 2019 valuation notices

• CAO is working with our software vendor (NCPTS) to improve the appeals process

• CAO written policies & procedures have been updated or created


Customer Service changes:• Increased staffing allows timely service of our customers

• Increased customer service specific training for staff

• Modria Customer Service Portal for customer contact allows for ease of communication between our customers and CAO staff; management verification that customers are served timely

• Increased professional training for CAO staff; increased IAAO Professional Designations

• Upgraded NCPTS Appeal System will allow BER appeals to be scheduled and heard quicker

• CAO community presentations to inform and answer questions for our community

• Updated and streamlined CAO website


Calendar of Events – BOCC

• 1/17-7/19 Public Relations

• 1/17 Board of County Commissioners Retreat

• 7/17-7/18 Citizens Review Committee

• 8/18 BOCC Initial Presentation of Schedule of Values

• 9/18 Public Hearings for Schedule of Values

• 9/18 BOCC Adoption of Schedule of Values

• 10/18 CAO Value Finalization

• 12/18 Notices of Value Mailing

• 7/19 Tax Bill Mailing – FY20 Collections

Residential Price Per Square Foot 2006 thru 2016

Residential Cumulative Days on Market Versus Closed Price Median – 2006 thru 2016

Residential Closed Price to List Price 2011 thru 2016

10 Year Closed Sales2007-Current

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District Appreciation Sample Neighborhood Re-Sales

AppreciationDistrict 1 Sample Subdivisions

+/- 21%Re-Sale Average

District 2 Sample Subdivisions+/- 8%

Re-Sale Average

District 3 Sample Subdivisions+/- 20 %

Re-Sale Average


Re-Sale Average


Re-Sale Average


Re-Sale Average

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Plum Creek

Peninsula

PLUM CREEK SUBDIVISION

Plum Creek

District 1 Plum Creek – Residential SalesParcel Number Sales Date Sales Price Square Footage Price Per Foot Appreciation

017-371-09 8/25/2010 $182,000 1,628 $111.79 25.00%

017-371-09 6/7/2016 $227,500 1,628 $139.74

017-371-25 3/20/2009 $173,000 1,548 $111.76 15.61%

017-371-25 6/19/2015 $200,000 1,548 $129.20

017-374-19 9/15/2009 $164,000 1,404 $116.81 21.95%

017-374-19 10/27/2015 $200,000 1,404 $142.45

017-375-13 6/28/2010 $199,000 2,256 $88.21 10.55%

017-375-13 10/1/2015 $220,000 2,256 $97.52

017-377-03 9/25/2009 $193,000 2,108 $91.56 20.73%

017-377-03 6/14/2016 $233,000 2,108 $110.53

Average of all resales evaluated in Plumcreek. Sales shown may be a selected sample. +/- 19%

PENINSULA SUBDIVISION

District 1 Peninsula Residential Sales

Parcel Number Sales Date Sales Price Square Footage Price Per Foot Appreciation

001-621-30 4/23/2010 $550,000 3,933 $139.84 47.09%

001-621-30 6/20/2016 $809,000 3,933 $205.70

001-651-06 3/22/2010 $740,000 4,106 $180.22 31.08%

001-651-06 2/11/2015 $970,000 4,106 $236.24

001-662-06 5/24/2010 $1,230,000 5,439 $226.14 13.82%

001-662-06 4/1/2016 $1,400,000 5,439 $257.40

Average of all resales evaluated in Peninsula. Sales shown may be a selected sample.

+/- 23%

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Withers Grove

Enderly Park

WITHERS GROVE NEIGHBORHOOD

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Withers Grove

District 2 Withers Grove Residential SalesParcel Number Sales Date Sales Price Square Footage Price Per Foot Appreciation

199-47-219 11/24/2009 $172,000 2,204 $78.04 7.56%

199-47-219 8/14/2015 $185,000 2,204 $83.94

199-47-302 7/16/2009 $189,000 2,357 $80.19 0.00%

199-47-302 8/19/2015 $189,000 2,357 $80.19

199-47-349 3/9/2010 $175,000 1,894 $92.40 0.57%

199-47-349 6/3/2015 $176,000 1,894 $92.93

199-62-136 9/21/2009 $196,000 2,540 $77.17 3.57%

199-62-136 8/7/2015 $203,000 2,540 $79.92

199-62-146 5/4/2009 $202,500 2,659 $76.16 4.94%

199-62-146 7/22/2016 $212,500 2,659 $79.92

199-64-142 11/16/2010 $125,000 1,523 $82.07 26.40%

199-64-142 9/29/2015 $158,000 1,523 $103.74

Average of all resales evaluated in Withers Mill. Sales shown may be a selected sample. +/- 7%

ENDERLY PARK SUBDIVISION

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District 2 Enderly Park Residential SalesParcel Number Sales Date Sales Price Square Footage Price Per Foot Appreciation

065-015-61 9/1/2011 $35,000 1,233 $28.39 7.14%

065-015-61 4/30/2014 $37,500 1,233 $30.41

065-047-13 12/21/2012 $43,000 1,482 $29.01 4.65%

065-047-13 3/10/2015 $45,000 1,482 $30.36

065-053-11 6/12/2009 $77,500 924 $83.87 4.52%

065-053-11 10/14/2015 $81,000 924 $87.66

065-071-22 2/8/2013 $22,000 1,395 $15.77 15.91%

065-071-22 8/19/2014 $25,500 1,395 $18.28

Average of all resales evaluated in Enderly Park. Sales shown may be a selected sample. +/- 8%

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Hubbard Woods/

FarmingtonCaldwell

Commons

CALDWELL COMMONS SUBDIVISION

District 3 Caldwell Commons Residential SalesParcel Number Sales Date Sales Price Square Footage Price Per Foot Appreciation

105-17-254 12/8/2010 $175,000 3,028 $57.79 28.57%

105-17-254 8/14/2015 $225,000 3,028 $74.31

105-17-256 3/1/2010 $161,500 2,232 $72.36 18.27%

105-17-256 6/10/2016 $191,000 2,232 $85.57

105-17-369 8/31/2010 $156,000 2,196 $71.04 18.59%

105-17-369 6/30/2016 $185,000 2,196 $84.24

Average of all resales evaluated in Caldwell Commons. Sales shown may be a selected sample. +/- 22%

HUBBARD WOODS/FARMINGTON

Hubbard Woods/Farmington

District 3 Hubbard Woods/Farmington Residential Sales


027-503-05 9/22/2010 $148,000 1972 $75.05 20.95%027-503-05 8/19/2016 $179,000 1972 $90.77

027-503-24 6/30/2011 $130,000 1589 $81.81

13.46%027-503-24 5/7/2015 $147,500 1589 $92.83

027-661-35 5/22/2009 $115,000 1309 $87.85 11.30%027-661-35 8/24/2016 $128,000 1309 $97.78

043-131-61 8/10/2009 $120,000 1272 $94.34 14.17%043-131-61 5/23/2016 $137,000 1272 $107.70

043-132-11 10/29/2010 $125,000 1550 $80.65 24.00%043-132-11 8/15/2016 $155,000 1550 $100.00

043-141-04 7/1/2009 $116,000 1282 $90.48 20.69%043-141-04 8/12/2016 $140,000 1282 $109.20

Average of all resales evaluated in Hubbard Woods/Farmington . Sales shown may be a selected sample. +/-17%

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Pence RdSudbury/Darby Acres

SUDBURY DARBY ACRES SUBDIVISION

District 4 Sudbury Darby Acres Residential Sales


101-035-17 6/29/2009 $91,000 1,323 $68.78 48.35%

101-035-17 5/13/2016 $135,000 1,323 $102.04

101-131-01 3/15/2010 $112,000 1,625 $68.92 20.54%

101-131-01 10/8/2015 $135,000 1,625 $83.08

101-131-34 1/21/2009 $128,500 1,978 $64.96 30.74%

101-131-34 8/5/2014 $168,000 1,978 $84.93

101-111-14 8/19/2009 $101,000 1,206 $83.75 21.78%

101-111-14 12/15/2015 $123,000 1,206 $101.99

Average of all resales evaluated in Sudbury Darby Acres. Sales shown may be a selected

sample.+/- 30%

PENCE RD MARKET AREA AT GRANVILLE PLACE

Pence Rd Area

District 4 Pence Rd Area Residential SalesParcel Number Sales Date Sales Price Square Footage Price Per Foot Appreciation

109-021-26 5/28/2009 $107,000 1,499 $71.38 5.61%

109-021-26 8/31/2015 $113,000 1,499 $75.38

109-042-27 11/30/2009 $116,000 1,296 $89.51 3.45%

109-042-27 3/22/2016 $120,000 1,296 $92.59

109-451-02 3/10/2010 $72,000 1,000 $72.00 33.33%

109-451-02 5/18/2016 $96,000 1,000 $96.00

109-451-05 8/9/2011 $57,500 1,018 $56.48 51.30%

109-451-05 1/7/2016 $87,000 1,018 $85.46

109-472-30 7/10/2009 $98,000 1,024 $95.70 12.24%

109-472-30 11/1/2016 $110,000 1,024 $107.42

Average of all resales evaluated in Pence Rd. Sales shown may be a selected sample. +/- 24%

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Madison Park Sardis

Forest

SARDIS FOREST SUBDIVISION

District 5 Sardis Forest Residential Sales


213-152-35 5/1/2009 $188,000 1,994 $94.28 19.68%

213-152-35 5/26/2016 $225,000 1,994 $112.84

213-152-76 11/25/2009 $215,000 2,232 $96.33 11.63%

213-152-76 4/26/2016 $240,000 2,232 $107.53

213-241-72 10/12/2009 $193,500 2,090 $92.58 36.95%

213-241-72 7/8/2016 $265,000 2,090 $126.79

213-252-01 11/17/2009 $187,000 1,874 $99.79 41.71%

213-252-01 7/26/2016 $265,000 1,874 $141.41

Average of all resales evaluated in Sardis Forest. Sales shown may be a selected sample. +/- 27%

MADISON PARK SUBDIVISION

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Madison Park

District 5 Madison Park Residential Sales


171-151-12 5/29/2009 $178,500 1,806 $98.84 32.77%

171-151-12 8/27/2015 $237,000 1,806 $131.23

171-153-15 7/30/2009 $270,000 1,579 $170.99 13.70%

171-153-15 3/26/2015 $307,000 1,579 $194.43

171-165-12 6/17/2010 $237,500 1,565 $151.76 26.32%

171-165-12 7/31/2015 $300,000 1,565 $191.69

171-196-04 7/9/2009 $255,000 1,686 $151.25 6.86%

171-196-04 6/3/2015 $272,500 1,686 $161.63

Average of all resales evaluated in Madison Park. Sales shown may be a selected sample.

+/- 20%

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Morris Farms

Brightmoor

BRIGHTMOOR SUBDIVISION

District 6 Brightmoor Residential Sales


227-381-63 6/21/2011 $235,500 2,588 $91.00 13.38%

227-381-63 1/7/2016 $267,000 2,588 $103.17

227-382-01 8/7/2009 $193,500 2,268 $85.32 7.24%

227-382-01 2/11/2015 $207,500 2,268 $91.49

227-382-25 8/6/2010 $172,000 1,800 $95.56 4.07%

227-382-25 7/30/2013 $179,000 1,800 $99.44

227-391-01 12/19/2014 $242,000 2,525 $95.84 20.04%

227-391-01 4/27/2016 $290,500 2,525 $115.05

Average of all resales evaluated in Brightmoor. Sales shown may be a selected sample. +/- 11%

MORRIS FARMS SUBDIVISION

Morris Farms

District 6 Morris Farms Residential Sales


135-173-52 6/26/2009 $98,500 1,544 $63.80 9.64%

135-173-52 3/31/2015 $108,000 1,544 $69.95

135-173-57 10/16/2014 $121,000 1,540 $78.57 23.97%

135-173-57 8/5/2016 $150,000 1,540 $97.40

135-413-25 2/25/2013 $88,000 1,312 $67.07 25.00%

135-413-25 6/10/2015 $110,000 1,312 $83.84

135-416-49 12/7/2009 $102,000 1,404 $72.65 17.65%

135-416-49 1/12/2016 $120,000 1,404 $85.47

Average of all resales evaluated in Morris Farms. Sales shown may be a selected sample. +/- 19%

District Appreciation Sample Neighborhood Re-Sales

AppreciationDistrict 1 Sample Subdivisions

+/- 21%Re-Sale Average


Re-Sale Average

District 3 Sample Subdivisions+/- 20 %

Re-Sale Average


Re-Sale Average


Re-Sale Average


Re-Sale Average

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Office Market StatisticsData Source CostarOffice 2011 2017

Overall Percent Increase

Average Price Per Square Foot $88.29 $178.11 101%

61

Industrial Market StatisticsData Source From CostarIndustrial 2011 2017



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Warehouse Market StatisticsData Source CostarWarehouse

2011 2017Overall Percent

Increase


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Retail Market StatisticsData Source From CostarRetail 2011 2017



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$88.29

$178.11

$35.78

$51.77

$38.96

$49.81

$90.63

$160.20

Office 2011 Office 2017 Industrial2011

Industrial2017

Warehouse2011

Warehouse2017

Retail 2011 Retail 2017

Commercial 2011-2017

Assessment/Revaluation Conclusion

•FY17 Budget and FY17 Actuals on target

•FY18 Budget over Budget predicts 3% increase

•2019 Revaluation – In Progress• 2011 Revaluation – Lessons Learned

• Customer Service Focus

• Revaluation Plan in Place

• Real Estate Market increasing

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Documents

Strategic Business Planning Initiative Update · Item #1: Assessed Valuation Estimate FY18 Item 1 –Budget vs Actual * Adjusted base –removed one-time valuations anomalies FY17