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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: January 21, 2016 <br /> Action Agenda <br /> Item No. 4-b <br /> SUBJECT: 2017 Countywide Revaluation Update <br /> DEPARTMENT: Tax Administration PUBLIC HEARING: (Y/N) No <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Memorandum on 2017 Revaluation Dwane Brinson, Tax Administrator, <br /> Example of Summary Description Letter (919) 245-2726 <br /> PURPOSE: To receive an update on the Orange County Tax Office's administration of the <br /> 2017 countywide revaluation of real property. <br /> BACKGROUND: North Carolina State Law, North Carolina General Statute (NCGS) 105- <br /> 286(a), mandates that counties conduct a countywide revaluation of real property at least once <br /> every eight (8) years. Orange County's last revaluation took effect January 1, 2009. All current <br /> property tax assessments in the County reflect each property's market value as of the last <br /> revaluation date. The 2017 revaluation will capture eight (8) years of market changes, and it will <br /> involve reviewing the most current market information available to produce an estimate of <br /> market value. <br /> FINANCIAL IMPACT: There is no financial impact associated with receiving this update. <br /> SOCIAL JUSTICE IMPACT: There is no Orange County Social Justice Goal impact associated <br /> with this item. <br /> RECOMMENDATION(S): The Manager recommends the Board receive this update. <br />