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Attachment 1 <br />ORANGE COUNTY TAX ADMINISTRATION <br />228 S CHURTON STREET, SUITE 200, PO BOX 8181 <br />HILLSBOROUGH, NORTH CAROLINA 27278 <br />Telephone (919) 245 -2725 Fax (919) 644 -3332 <br />T. Dwane Brinson, Director <br />Memorandum <br />To: Orange County Board of Commissioners <br />Cc: Bonnie Hammersley, County Manager <br />From: Dwane Brinson, Tax Administrator <br />Date: March 19, 2015 <br />Re: 2017 Property Tax Revaluation Update <br />North Carolina state law, G.S. 105- 286(a), mandates that counties conduct a countywide <br />revaluation at least once every eight years. Orange County last conducted a countywide <br />revaluation effective for January 1, 2009 and current tax assessments reflect market value as of <br />that appraisal date. Therefore, Orange County is required to complete its next revaluation no later <br />than January 1, 2017. This memorandum is an effort to explain current market conditions and <br />provide an update of the 2017 countywide revaluation. <br />Current Market Conditions <br />It is evident that the economy is improving. Sales volume is increasing, sales prices are rising <br />and properties are selling faster. As part of this report an analysis of Orange County qualified <br />sales is provided. Real property tax assessments in Orange County currently reflect market value <br />as of January 1, 2009, the County's last revaluation appraisal date. Figures, ratios and statistics <br />provided in this report compare the County's current tax assessment based on January 1, 2009 <br />market value against recent qualified market sales. This is performed annually to determine the <br />impact of a countywide revaluation, in part. Elaboration on recent qualified market sales and the <br />statistical measuring tools is provided below. <br />