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4 <br /> Dwane Brinson, Orange County Tax Administrator, reviewed the following background. <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 <br /> will involve reviewing the most current market information available to produce an estimate of <br /> market value. <br /> Dwane Brinson made the following PowerPoint presentation: <br /> 2017 Revaluation <br /> Item 4-b <br /> January 21, 2016 BOCC Meeting <br /> T. Dwane Brinson <br /> Orange County Tax Administrator <br /> What is a Revaluation? <br /> • Revaluation is the process of updating all real property countywide to its current market <br /> value as of a single appraisal date <br /> • Real property includes both land and the attached improvements <br /> Why Have a Revaluation? <br /> • North Carolina General Statute 105-286 requires all counties to conduct a revaluation <br /> at least once every eight years <br /> • A primary goal in conducting a revaluation of all real property is to equalize the tax base <br /> ➢ Over time most properties change in value, but they often do so at different <br /> rates <br /> • Our last revaluation was effective January 1, 2009 <br /> ➢ 2013 delayed revaluation <br /> ➢ 2015 delayed revaluation <br /> What is market value? <br /> • North Carolina General Statute 105-283 defines market value as "the price estimated <br /> in terms of money at which the property would change hands between a willing and <br /> financially able buyer and a willing seller, neither being under any compulsion to buy or <br /> to sell and both having reasonable knowledge of all the uses to which the property is <br /> adapted and for which it is capable of being used." <br /> Applicable Laws <br /> • Dillon's Rule state <br /> ➢ NCGS 105 —283: Uniform Appraisal Standards <br /> Property to be appraised at market value <br /> • NCGS 105 —286: Time for general reappraisal of real property <br /> ➢ Must conduct revaluation at least once every eight years <br /> • NCGS 105 —287: Changing appraised value of real property in years in which general <br /> reappraisal is not made <br /> ➢ (b)(2) cannot adjust for economic changes (paraphrased) <br />