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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: February 21, 2017 <br /> Action Agenda <br /> Item No. 4-c <br /> SUBJECT: 2017 Orange County Revaluation Results <br /> DEPARTMENT: Tax Administration <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Dwane Brinson, Tax Administrator, <br /> (919) 245-2726 <br /> PURPOSE: To receive an overview of the statistical results of the 2017 countywide revaluation. <br /> BACKGROUND: North Carolina counties must conduct a revaluation at least once every eight <br /> years. Orange County's last revaluation took effect January 1, 2009. The effective appraisal <br /> date of the 2017 revaluation is January 1, 2017. <br /> Orange County has approximately 55,500 real property parcels. During the revaluation process, <br /> each of those parcels has been modified to reflect a current estimate of market value. Tax office <br /> staff began working on the 2017 revaluation in 2014. <br /> In January 2016, the tax office proactively sent each real property owner a snapshot of the <br /> property's public record and a request to review the information for discrepancies, and return it <br /> to the Tax Office with any discrepancies noted. This allowed for appraisal staff to verify and <br /> ensure the records were accurate in preparation for the revaluation. <br /> Prior to the 2017 revaluation, Orange County had only two defined neighborhoods set up in the <br /> appraisal database. A neighborhood is basically defined as a group of similar properties. A <br /> common example of a neighborhood would be a subdivision. As part of the process, staff <br /> defined more neighborhoods, thereby allowing better organization and pricing models for the <br /> current and future revaluations. The County database now has 975 identified neighborhoods. <br /> A significant by-product of the revaluation is the improvement of the building use information in <br /> the tax database. In the past, requests for information such as the percentage of residential <br /> versus commercial in the tax base required Information Technologies programming and <br /> assistance. Throughout the 2017 revaluation, staff proactively invested the time to identify and <br /> code each of the 55,500 parcels with its corresponding building use such as single-family <br /> residential, restaurant, or student housing. Reporting for 2017 and forward will be much easier <br /> and more accurate because of these efforts. <br />