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4 <br /> 1 <br /> 2 BACKGROUND: North Carolina State Law, North Carolina General Statute (NCGS) 105- <br /> 3 286(a), mandates that counties conduct a countywide revaluation of real property at least once <br /> 4 every eight (8) years. Orange County's last revaluation took effect January 1, 2009. All current <br /> 5 property tax assessments in the County reflect each property's market value as of the last <br /> 6 revaluation date. The 2017 revaluation will capture eight (8) years of market changes, and it <br /> 7 will involve reviewing the most current market information available to produce an estimate of <br /> 8 market value. <br /> 9 Dwane Brinson made the following PowerPoint presentation: <br /> 10 <br /> 11 2017 Revaluation <br /> 12 Item 4-b <br /> 13 January 21, 2016 BOCC Meeting <br /> 14 T. Dwane Brinson <br /> 15 Orange County Tax Administrator <br /> 16 <br /> 17 What is a Revaluation? <br /> 18 • Revaluation is the process of updating all real property countywide to its current market <br /> 19 value as of a single appraisal date <br /> 20 • Real property includes both land and the attached improvements <br /> 21 <br /> 22 Why Have a Revaluation? <br /> 23 • North Carolina General Statute 105-286 requires all counties to conduct a revaluation at <br /> 24 least once every eight years <br /> 25 • A primary goal in conducting a revaluation of all real property is to equalize the tax base <br /> 26 ➢ Over time most properties change in value, but they often do so at different rates <br /> 27 • Our last revaluation was effective January 1, 2009 <br /> 28 ➢ 2013 delayed revaluation <br /> 29 ➢ 2015 delayed revaluation <br /> 30 <br /> 31 What is market value? <br /> 32 • North Carolina General Statute 105-283 defines market value as "the price estimated in <br /> 33 terms of money at which the property would change hands between a willing and <br /> 34 financially able buyer and a willing seller, neither being under any compulsion to buy or <br /> 35 to sell and both having reasonable knowledge of all the uses to which the property is <br /> 36 adapted and for which it is capable of being used." <br /> 37 <br /> 38 Applicable Laws <br /> 39 • Dillon's Rule state <br /> 40 ➢ NCGS 105 —283: Uniform Appraisal Standards <br /> 41 Property to be appraised at market value <br /> 42 • NCGS 105 — 286: Time for general reappraisal of real property <br /> 43 ➢ Must conduct revaluation at least once every eight years <br /> 44 • NCGS 105 — 287: Changing appraised value of real property in years in which general <br /> 45 reappraisal is not made <br /> 46 ➢ (b)(2) cannot adjust for economic changes (paraphrased) <br /> 47 <br /> 48 Timeline <br />