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5 <br /> 3. Sales Bank Data/Appeals Process—Another portion of our collaborative approach is to <br /> prepare residents on not only their appeal options but also how to prepare a successful <br /> appeal. This approach creates a win for all stakeholders. As step one in this effort we are <br /> providing our raw sales data on our website for anyone to review. From there, we <br /> provide a brief overview of how to compare their property to other sales, and we even <br /> provide a hypothetical sales adjustment grid for a visual. Lastly, we dedicate nearly an <br /> entire video in our revaluation video series to the appeals process. <br /> Revaluation Goals <br /> With any large project goals are established. As part of contingency planning, those goals must <br /> be prioritized as part of a larger strategic plan. The tax office has an opportunity to accomplish <br /> many goals with the 2017 revaluation, and a list of primary goals is provided below: <br /> 1. Update 2009 real property tax assessments to reflect market value as of January 1, 2017 <br /> a. Ensure accuracy of records through field visits, questionnaires, etc. <br /> b. Build community support through collaboration and education <br /> 2. Capture building use data, i.e. commercial, residential, industrial and their subcategories <br /> a. Will allow tax office to better assist Economic Development and Chambers of <br /> Commerce with studies and analyses <br /> 3. Review exempt properties in Orange County <br /> a. Currently approximately $7B of exempt property in Orange County <br /> b. Important for Asset Management Services, Risk Management and the State's <br /> annually-required AV-50 report <br /> Correcting Records <br /> Should egregious record inaccuracies be discovered during the process leading up to the county's <br /> 2017 revaluation, those changes would take effect in the corresponding year. All records for the <br /> revaluation will be keyed into the system with an effective date of January 1, 2017. Any <br /> resulting change in tax assessment would take place with the revaluation date and the tax bill to <br /> be mailed in July/August 2017. <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 the tax assessment, those will occur in <br /> any 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. The sales ratio has been gradually declining in recent years <br /> indicating that market values are rising. <br />