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4 <br /> The effective appraisal date for the 2017 revaluation is January 1, 2017. Notices are on <br /> schedule to be mailed the last week of February. The tax office will continue to conduct <br /> revaluation presentations throughout the County. Acceptance of informal appeal requests will <br /> begin immediately after taxpayers begin receiving notices of value. Tax office staff members <br /> have developed an updated Appeals Form and a corresponding Appeals Form Instruction <br /> Sheet. The Appeals Form and Instruction Sheet will become available online and in the office <br /> at the time that the notices are mailed to property owners. Tax office staff members will be <br /> available to assist the public in completing the Appeals Form. The Board of Equalization and <br /> Review will convene May 1st and begin hearing formal appeals. <br /> Chair Dorosin said the Board of County Commissioners will get more details at their <br /> February 21st meeting, and this presentation is just a high level update. <br /> Dwane Brinson made the following PowerPoint presentation: <br /> 2017 Revaluation <br /> T. Dwane Brinson, CAE <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: land and 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 /> o 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 /> o 2013 delayed revaluation <br /> o 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 /> • NCGS 105 —283: Uniform Appraisal Standards <br /> o Property to be appraised at market value <br /> • NCGS 105 —286: Time for general reappraisal <br /> o 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 /> o (b)(2) cannot adjust for economic changes (paraphrased) <br />