Agenda - 05-07-2013 - 7b - Laserfiche WebLink

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Attachment 3 ORANGE COUNTY TAX ADMINISTRATION 228 S CHURTON STREET, SUITE 200, PO BOX 8181 HILLSBOROUGH, NORTH CAROLINA 27278 Telephone (919) 245 -2725 Fax (919) 644 -3332 T. Dwane Brinson, Director Memorandum To: Orange County Board of Commissioners Cc: Frank Clifton, County Manager From: Dwane Brinson, Tax Administrator Date: April 10, 2013 Re: 2015 Property Tax Revaluation Orange County last conducted a countywide revaluation effective for January 1, 2009. Current tax assessments reflect market value as of that appraisal date. North Carolina state law, G.S. 105- 286(a), mandates that counties conduct a countywide revaluation at least once every eight years. Therefore, Orange County is required to complete its next revaluation no later than January 1, 2017. This memorandum is an effort to explain current market conditions, potential impacts of completing a January 1, 2015 revaluation, and advantages of postponing the County's next revaluation until January 1, 2017. Current Market Conditions The economy is improving. Sales volume is increasing, sales prices are rising and properties are selling faster. As part of this report I have provided a categorized analysis of Orange County qualified sales. In this analysis we recognize that Orange County is not one market. Rather, it is a conglomerate of several markets including school districts, towns and even mailing addresses. The Board of County Commissioners has requested that the Tax Administrator provide an annual report and discuss the status of property values in the County. Preparation and discussion of this report is aimed to achieve that request. Real property tax assessments in Orange County currently reflect market value as of January 1, 2009, the County's last revaluation appraisal date.