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3 <br /> Sales Analysis <br /> The predominant rucd`odoFroeaoudogmuaa appraisal cUecbvcncsais 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 l 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 105Y6 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 (COl)) shows the data spread. A lower COD is better, and one <br /> less than 15 is a post-revaluation goal. The lower the C()[), the more tightly-compacted the <br /> sales are around the median sales ratio. <br /> Based on the 2015 qualified market sales, Orange County tax assessments are within an <br /> acceptable range. The median sales ratio has been gradually falling over the last several years, <br /> which indicates a rise in sales prices since tax assessments are the controlled variable. The COD <br /> is acceptable considering the sales analyzed are six years removed from the last revaluation. <br /> 2015 Median Sales Ratio —0993 <br /> 2014 Median Sales Ratio— 1.007 <br /> 2013 Median Sales Ratio— 1.04 <br /> 2015 Coefficient of Dispersion — 13.30 <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 20l4 — May 20|6: Field visits to verify property records, grade, depreciation, etc. <br /> • January 2016: Mail summary descri ion of property with annua listing forms <br /> • January 20l6 —April Z0|8: Field reviews of sales used in models <br /> • April 20l6 — July ZOl0: Development of new rates for SOV and testing <br /> • July/August 2016: Finalize 8(}V <br /> • September 2016: Public Hearing on SOV <br /> • October/November 2016: Ado inoo[8OV <br /> • December 2016: Final, holistic review <br /> • [)cccozk�r�nouuzy20|7� S�odou\ vu|u� cbun�cuoh�cx <br /> • January 20|7 — March 20l7: Informal appeals <br /> • April 2017 June 2017: Board of Equalization and Review hearings <br />