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7 <br />• For each subjective categorical data field collected or verified, data should be coded <br />correctly at least 90% of the time. Subjective categorical data characteristics include data <br />items such as quality grade, physical condition, and architectural style. <br />It seems that both the NC Real Estate Commission and IAAO adhere to similar standards. Both <br />recognize the imperfections that may occur when measuring a property, judging its quality of <br />construction, or forming an opinion of value. In local government, the General Assembly has <br />placed significant burden on the taxpayer to appeal any inaccuracies or valuation concerns each <br />year during the appeals process. This process allows a local government's tax base to be <br />finalized without jeopardizing budgeted revenue and fiscal standing. <br />Conclusion <br />Market statistics show Orange County real estate markets to be improving. While we notice <br />manifestations of properties selling for more or less than tax assessment, those will occur in any <br />market in any year. The majority of current qualified market sales hover around current tax <br />assessments. Furthermore, the economy is improving with more market activity, shorter selling <br />times and higher selling prices. Should Orange County move forward with a 2015 revaluation, it <br />likely will occur at a time when tax assessments and market values are in unison already. The <br />sales ratio has been gradually declining in recent years indicating that market values are rising. <br />