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10 <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 /> 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. Informal appeals will begin immediately after <br /> taxpayers begin receiving notices of value. The Board of Equalization and Review will convene <br /> May 1st and begin hearing formal appeals. <br /> 2017 Revaluation Results <br /> February 2017 <br /> What is a Revaluation? <br /> O Process of updating real property tax assessments for market value and present-use <br /> value as of a single appraisal date <br /> O Primary goal is to equalize tax base <br /> O Effective appraisal date for Orange County's revaluation is January 1, 2017 <br /> What is Included in a Revaluation <br /> O All residential and commercial land through Orange County, including exempt property, <br /> and permanent structures on the land. <br /> O What is not included? <br /> • Business personal property <br /> • Motor vehicles, boats, airplanes <br /> • Public utility property <br /> Commercial Appraisals <br /> O Local commercial real estate appraisal firm provided market research, sales <br /> O A different commercial appraisal firm interpreted this market research and provided <br /> recommended values for all commercial parcels <br /> O Orange County senior appraisal staff reviewed recommended values <br /> Real Property Change by Area (graph) <br /> Commercial Change by Classification (graph) <br />