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What does the real estate assessed value represent?

assessed Real Estate value
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What does the real estate assessed value represent?

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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).

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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).

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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).

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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).

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