Minutes 04-07-2015 - Laserfiche WebLink

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VOTE: UNANIMOUS d. Update Report: 2017 Countywide Revaluation of Real Property The Board considered discussing the project plan, current market trends and statistics, current economic indicators, and potential impacts as they relate to the 2017 countywide revaluation. Dwane Brinson, Orange County Tax Administrator, gave the Board an update on the 2017 countywide revaluation of real property. North Carolina state law, G.S. 105-286(a), mandates that counties conduct a countywide revaluation at least once every eight years. Orange County last conducted a countywide revaluation effective for January 1, 2009 and current tax assessments reflect market value as of that appraisal date. 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 and provide an update of the 2017 countywide revaluation. The Orange County Tax Administrator's Office conducted property tax revaluations in 2005 and 2009. Current tax assessments still reflect market value as of January 1, 2009. With a four-year revaluation cycle, the next revaluation would have occurred in 2013. However, at its May 15, 2012 regular meeting, the Board of County Commissioners (BOCC) received a presentation from the Tax Administrator recommending postponing the 2013 revaluation to 2015. The BOCC subsequently approved a resolution (Attachment 2) to accept this recommendation and delay the revaluation to 2015. Similarly, at its May 7, 2013 regular meeting, the BOCC received a presentation from the Tax Administrator recommending further postponing the next countywide revaluation until 2017. The BOCC approved a resolution to delay the revaluation to 2017 (Attachment 3). Dwane Brinson referred to his memo in the agenda abstract and reviewed information on the sales analysis and the revaluation process. He said it is planned for all Orange County properties to be evaluated between April 2014 and January 2016. He said that this goal may be unmet, but thus far they have been fortunate to find many property owners at home when the evaluations have been conducted, allowing for discussion about the property. He said that when each property is visited, an orange postcard is left for the property owner to complete and mail back in hard copy or complete electronically. He said this postcard solicits information about the home: number of bedrooms, number of baths, square footage, etc. He said property owners have been sending these postcards in to the office, and it allows for current County records to be double checked for accuracy. He said in January 2016 each real property owner in the County will receive the annual listing form as they do every year. He said in addition to that form there will also be a summary description of the property based on County records. He said this separate insert is an additional attempt to communicate with property owners, solicit feedback or corrections and insure accuracy in the records. He said between January and June 2016, the revaluation process continues with field reviews of the sales used in the models, reviewing grades and depreciations and then the schedule of values process. He said the public hearing in the adoption of the Schedule of Values which was scheduled for July/August 2016, will need to be delayed to begin in September and October 2016. He said it is expected that in January 2017, new value change notices will be sent to all property owners in Orange County. He said that January through March of 2017 will allow for informal appeals, followed by the Board of Equalization and Review hearings in April through June 2017.