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2 <br />Informational Cost Data for Consideration in Relation to Potential Revaluation Schedule <br />Year Prior to Revaluation: <br />• Mailing Value Notices -based on today's known cost approximately $29,000. <br />• Additional Field Review -higher gas costs $ 7,800 <br />• Employment of two separate Realtors to review Historic Areas Chapel Hill and <br />Hillsborough Estimated Cost $14,000 <br />• Employment of Analytical Consultants for review -used for prior examples: <br />shopping center reviews, comparison of commercial property with review of sales <br />data and direction of market, analytical review of Chapel Hill's Franklin St - <br />Rosemary St. area. $20,000 <br />• Hiring additional temporary staff for data entry 6 month assignment required for <br />data entry and preparation work ups $18,000 <br />Year of Revaluation <br />• Hire additional appraisal (1) staff to assist with gathering data and review of data <br />for informal and Board of Equalization and Review hearings $30,000 <br />• Mailing of the entire Abstract Listing to every resident (proposed to be done once <br />every four years) $20,000 <br />• Additional expense of extended Board of Equalization and Review <br />Meetings $24,425 <br />• Cost of production and mailing of Decision Notices from Informal Appeals, <br />Appointment Notices, Formal Notice of Board of Equalization and Review <br />Notices $ 5,800 <br />• Duplication Costs encompassing Year of and Year After $ 8,949 <br />• Expert Review and Witness Testimony for Property Tax Appeals $35,000 <br />Estimated cost to conduct a revaluation from year prior through year after over and above <br />standard cost of operation is $213,000. <br />Please understand this is strictly an estimate based on costs of the 2009 revaluation and <br />prior. This does not factor in inflation. <br />