Orange County NC Website
Browse       Search
market values increases each year until the next revaluation. According to the Department of <br /> Revenue, at the end of 2007, Orange County's assessment ratio was 79.33%. By the end of <br /> 2008, without revaluation, the assessment ratio would be around 75%. <br /> Real property is only one component of the tax base. The other components include: <br /> • Registered motor vehicles such as cars, trucks, and motorcycles <br /> • Mobile homes <br /> • Personal property such as boats, motors, and airplanes <br /> • Business personal property such as computers, leasehold improvements, and <br /> machinery <br /> • Utility companies (public service companies) such as electric companies, phone <br /> companies, gas companies... <br /> • Exemptions that reduce the tax base <br /> Taxable real property includes residential, commercial (including farmland and farm buildings) <br /> and industrial. For 2009, there are 51,225 total taxable properties in Orange County. <br /> In order to calculate the percentage increase in real property due to revaluation, staff <br /> compared 2008 values (before revaluation) with 2009 values (after revaluation). The <br /> comparison excluded some properties to make the comparison one of "apples with apples." <br /> Excluded properties include those that did not exist in 2008; properties with new construction <br /> for 2009, properties with construction not previously taxed; newly created property parcels; <br /> and, parcels that had use value status changes. <br /> • Of the total 51,225 total taxable properties in Orange County in 2009, 4.8%, or 2,454 <br /> properties, fell into one of these comparison exclusions. <br /> • Staff analyzed statistics related to the remaining 48,771 properties. That analysis <br /> follows. <br /> The overall cumulative increase in real property value due to Revaluation is 24%. Twenty-five <br /> thousand five hundred fifty-seven (25,557) parcels, or 52.4% of the analyzed properties, had <br /> value increases of less than or equal to 24%. <br /> Example of Tax Bill Comparison <br /> After Revaluation <br /> (Value Increase of <br /> Prior to Revaluation 24%) <br /> Value of Property $241,000 $298,840 * <br /> Tax Rate 0.998 0.86 <br /> Equals Tax Bill $2,405 $2,570 <br /> Note: 2008 tax rate =99.8 cents per$100 valuation. Projected revenue <br /> neutral rate between .84 and .87 cents per$100 valuation. For purposes <br /> of illustration only a tax rate of.86 has been selected. This may or may <br /> not be the neutral tax rate. <br /> *$298,840 is the average value of all residential property in Orange County <br /> after the 2009 revaluation schedule of values is applied. <br />