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Agenda - 09-06-2016 - 4-b - 2017 Reappraisal Schedule of Values - Submission
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Agenda - 09-06-2016 - 4-b - 2017 Reappraisal Schedule of Values - Submission
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9/2/2016 8:50:41 AM
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9/1/2016 4:02:11 PM
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BOCC
Date
9/6/2016
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
4b
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Minutes 09-06-2016
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\Board of County Commissioners\Minutes - Approved\2010's\2016
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6 <br /> rn <br /> ��I a .! _ <br /> Etrio <br /> 4a1Fr nco' <br /> ORANGE COUNTY TAX OFFICE <br /> 228 S CHURTON STREET,SUITE 200 PO BOX 8181 <br /> HILLSBOROUGH, NORTH CAROLINA 27278 <br /> Telephone (919) 245-2100 Fax(919) 644-3332 <br /> T. Dwane Brinson, Tax Administrator <br /> 10 Frequently Asked Questions on Revaluations <br /> 1. WHAT IS A REVALUATION? <br /> Revaluation is a process by which all real property within a taxing jurisdiction (Orange County) is <br /> reappraised to its market value as of a specific revaluation date. It also is sometimes called a <br /> reappraisal or mass appraisal. The tax office, in this process, reappraises all real property(land, <br /> buildings and other improvements to the land) as of the revaluation date. Arms-length market <br /> sales, as well as other market data such as income/expense information and current building <br /> cost information are used to estimate new tax appraisals during this process. The updated tax <br /> appraisal is effective, generally, until the next countywide revaluation. Orange County's next <br /> revaluation date is January 1, 2017, and tax appraisals should reflect market value as of that <br /> date, once the revaluation is completed. <br /> 2. WHY CONDUCT A REVALUATION? <br /> The State of North Carolina requires counties to conduct a revaluation at least once every eight <br /> years [NCGS 105-286(a)]. The purpose is to redistribute the tax burden based on current <br /> market data. As time elapses between revaluations, properties may increase or decrease in <br /> market value at different rates. The State of North Carolina charges counties with appraising <br /> property based on current market data as of each revaluation date. <br /> 3. WILL ALL PROPERTY VALUES CHANGE? <br /> Most likely,yes. However, not all property values will change at the same percentage. Market <br /> values may have increased or decreased more for some neighborhoods and property types than <br /> for others. One purpose of a revaluation is to ensure appraised values reflect changes that have <br /> occurred in the marketplace since the last countywide revaluation. <br /> 4. WHY APPRAISE AT MARKET VALUE? <br /> North Carolina General Statute 105-283 requires counties to appraise all property, both real <br /> and personal property, at its true value in money. True value shall be interpreted as meaning <br /> market value. NCGS 105-284 establishes a uniform assessment standard. This standard in <br /> effect penalizes counties if they are not assessing property at market value as of the date of <br /> revaluation. <br />
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