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2 <br /> 4 0 t. <br /> 17 m <br /> rig.71 <br /> °Jib ccixo\s''' <br /> ORANGE COUNTY TAX ADMINISTRATION <br /> 228 S CHURTON S MEET, 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: January 21, 2016 <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 of real property at least once every eight years. Orange County last conducted a <br /> countywide revaluation effective for January 1, 2009 and current tax assessments reflect market <br /> value as of that appraisal date. Therefore, Orange County is required to complete its next <br /> revaluation no later than January 1, 2017. This memorandum serves as an update of the 2017 <br /> 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 />