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a. 2005 Revaluation -Schedule of Values <br />The Board conducted a public hearing on the schedule of values for the 2005 real <br />property revaluation. <br />Rod Visser said that in January 2001 Orange County had revaluation on real property <br />and another one takes effect January 2005. In North Carolina, real property revaluations are <br />required to be conducted a minimum of every eight years, but in Orange County, it is done <br />every four years. The subject of the public hearing is the schedule of values. <br />Tax Assessor John Smith gave a PowerPoint presentation. <br />Purpose of Revaluation: <br />- Adjust values to market levels <br />- Equalization <br />Revaluation Process -Ongoing: <br />Collection of Data <br />- Site visitation and listing <br />- Compiling of sales data <br />- Reviewing <br />Revaluation Process: <br />- Develop schedule of values <br />- Apply new land and building rates <br />- Review: projected value compared to sales <br />- Make adjustments <br />John Smith said that with the application of the 2005 scheduled revaluation, most <br />homeowners will see that their investment increases in value an average of 15-25% in the last <br />four years. Residents within the city limits and in close proximity to Hillsborough and Chapel <br />Hill will likely see higher than typical increases. In late December they will be mailing out the <br />2005 revaluation notices. <br />Commissioner Halkiotis suggested using a more humble picture on the front of the <br />handout. The house pictured on the front is huge and sends the wrong message. <br />Commissioner Halkiotis said that somehow it skipped by him that in 2001-02, the <br />General Assembly changed the basis upon which agricultural land rates are calculated. He <br />would like more information on the use value. <br />Commissioner Gordon said that she had the appraisal manual from John Smith that <br />had a letter on top dated 1989 from the Secretary of the Property Tax Commission, and asked <br />how to find the things that were new and from 1989. John Smith said that the schedule of <br />values has been updated periodically. Most of it has remained the same. The same process <br />is being used as in 1989 because it is effective. <br />There was no public comment. <br />A motion was made by Commissioner Halkiotis, seconded by Commissioner Carey to <br />close the public hearing. <br />VOTE: UNANIMOUS <br />