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K <br />Sales Analysis <br />The predominant method of measuring mass appraisal effectiveness is through the median sales <br />ratio. This is computed by dividing the assessed value by the sales price. A sales ratio of greater <br />than 1 indicates that the tax assessment is higher than the property's recent sales price and vice <br />versa. One simple way to describe this measure is that the sales ratio shows what percentage of <br />market value is represented by current tax assessment. For example, a median sales ratio of 1.05 <br />indicates that tax assessments in that category represent 105% of current market sales. However, <br />this ratio is only a measure of central tendency. Ratios higher and lower than the median exist, <br />too. Coefficient of Dispersion (COD) shows the data spread. A lower COD is better, and one <br />less than 15 is a post - revaluation goal. The lower the COD, the more tightly- compacted the <br />sales are around the median sales ratio. <br />Based on the 2014 qualified market sales analyzed, it appears Orange County tax assessments <br />are still within an acceptable range. The median sales ratio is gradually falling, indicating <br />market values and tax assessments are getting closer and closer. The COD is acceptable <br />considering the sales analyzed are six years removed from the last revaluation. <br />Median Sales Ratio —1.007 (down from 1.04 since the Tax Administrator's 2013 report) <br />Coefficient of Dispersion —19.80 <br />Revaluation Process <br />Field reviews for the 2017 revaluation began in April 2014 and have continued to date. Tax <br />office appraisers are visiting residences and talking to residents when possible. During the visit, <br />even if no one is home, the appraisers are leaving postcards at the residences as a means of <br />collaboration between the tax office and residents. We want records to be accurate and the 2017 <br />revaluation value to be indicative of market value. A tentative timeline is provided below: <br />• April 2014 — January 2016: Field visits to verify property records <br />• January: Mail summary description of property with annual listing forms <br />• January 2016 — April 2016: Field reviews of sales used in models <br />• February 2016 — May 2016: Review grade, depreciation, etc. field reviews <br />• April 2016 — July 2016: Development of new rates for SOV and testing <br />• Jules: Finalize SOV <br />• July /August 2016: Public Hearing on SOV <br />• September /October 2016: Adoption of SOV <br />• December 2016: Final, holistic review <br />• January 2017: Send out value change notices <br />• January 2017 — March 2017: Informal appeals <br />• April 2017 — June 2017: Board of Equalization and Review hearings <br />