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7 <br /> 5. WHO WILL DO THE WORK? <br /> The Orange County Tax Office is conducting this revaluation "in-house". This means our own <br /> personnel in the tax office will be evaluating properties and current market data to establish <br /> new tax appraisals. By having the revaluation conducted with county personnel,we feel this will <br /> yield a high-quality revaluation and better tax appraisals. <br /> 6. WHEN DOES THE REVALUATION TAKE EFFECT? <br /> Typical countywide revaluations take between 18—24 months to complete. Orange County Tax <br /> Office staff has been reviewing market sales, compiling studies and maintaining a list of current <br /> tax base inventory since the last revaluation,January 1, 2009. Tax office appraisers began <br /> reviewing all properties for the 2017 revaluation in mid-2014. Our current goal is to complete <br /> the process by the fourth quarter of 2016. The resulting values will be effective January 1, 2017. <br /> Real property tax bills mailed in July 2017 will reflect the new revaluation tax appraisal. <br /> 7. WHEN CAN I FIND OUT MY NEW TAX APPRAISAL? <br /> New value notices should be mailed to all taxpayers who own real property in Orange County <br /> between January 2017 and March 2017. <br /> 8. WILL MY TAXES CHANGE AS A RESULT OF REVALUATION? <br /> Although the value of your property does affect your share of taxes, the actual amount you pay <br /> is determined by budgetary needs of the jurisdictions in which your property is located (county, <br /> city, fire district, etc.). Governing boards of these taxing units decide what services the <br /> jurisdiction will provide in the coming year and how much money the jurisdiction will need to <br /> provide these services. A tax rate is then adopted to generate the necessary revenue. <br /> 9. HOW ARE MARKET VALUES DETERMINED? <br /> Various tools are used to extract data from the market. Sales files, sales questionnaires, <br /> Multiple Listing Service, revenue stamps, cost books and ratio studies are a few examples. The <br /> best source for establishing residential market values is arms-length sales of reasonably <br /> comparable properties. Such properties are similar in location, age, style, condition and other <br /> features that may have an effect on market value. <br /> 10. WHAT IF I DISAGREE WITH MY NEW TAX APPRAISAL? <br /> Instructions for appeal will be included with your new value notice. The first appeal level is an <br /> informal hearing with an Orange County Tax Office appraiser. Orange County will make <br /> personnel available to hold informal hearings with the property owner. During the informal <br /> hearing, the property record card is reviewed and you may request an actual site visit to your <br /> property. North Carolina General Statutes put the burden of proof on the property owner to <br /> show that a tax appraisal is inaccurate. Keep in mind that the informal review will be to ensure <br /> your property is appraised at 100%of its fair market value as of the revaluation date,January 1, <br /> 2017. Therefore, an informal appeal could result in an increase, decrease or no change in <br /> appraisal. A change in appraisal will be considered only if the owner can demonstrate that the <br /> appraised value is more or less than market value as of January 1, 2017, or that it is inconsistent <br /> with appraisals of similar properties. Appraisals cannot be appealed based on (1) percent of <br /> increase/decrease or(2) ability to pay the tax. The Tax Office will send results of informal <br /> appeals by mail. The second level of appeal is to the Orange County Board of Equalization and <br /> Review. North Carolina has a State Property Tax Commission that hears appeals that advance <br /> past the Board of Equalization and Review. <br />