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4 <br /> 1 have developed an updated Appeals Form and a corresponding Appeals Form Instruction <br /> 2 Sheet. The Appeals Form and Instruction Sheet will become available online and in the office at <br /> 3 the time that the notices are mailed to property owners. Tax office staff members will be <br /> 4 available to assist the public in completing the Appeals Form. The Board of Equalization and <br /> 5 Review will convene May 1st and begin hearing formal appeals. <br /> 6 <br /> 7 Chair Dorosin said the Board of County Commissioners will get more details at their <br /> 8 February 21st meeting, and this presentation is just a high level update. <br /> 9 Dwane Brinson made the following PowerPoint presentation: <br /> 10 <br /> 11 2017 Revaluation <br /> 12 T. Dwane Brinson, CAE <br /> 13 Orange County Tax Administrator <br /> 14 <br /> 15 What is a Revaluation? <br /> 16 • Revaluation is the process of updating all real property countywide to its current market <br /> 17 value as of a single appraisal date <br /> 18 • Real property: land and attached improvements <br /> 19 <br /> 20 Why Have a Revaluation? <br /> 21 • North Carolina General Statute 105-286 requires all counties to conduct a revaluation at <br /> 22 least once every eight years <br /> 23 • A primary goal in conducting a revaluation of all real property is to equalize the tax base <br /> 24 o Over time most properties change in value, but they often do so at different rates <br /> 25 • Our last revaluation was effective January 1, 2009 <br /> 26 o 2013 delayed revaluation <br /> 27 o 2015 delayed revaluation <br /> 28 <br /> 29 What is market value? <br /> 30 • North Carolina General Statute 105-283 defines market value as "the price estimated in <br /> 31 terms of money at which the property would change hands between a willing and <br /> 32 financially able buyer and a willing seller, neither being under any compulsion to buy or <br /> 33 to sell and both having reasonable knowledge of all the uses to which the property is <br /> 34 adapted and for which it is capable of being used." <br /> 35 <br /> 36 Applicable Laws <br /> 37 • NCGS 105 — 283: Uniform Appraisal Standards <br /> 38 o Property to be appraised at market value <br /> 39 • NCGS 105 — 286: Time for general reappraisal <br /> 40 o Must conduct revaluation at least once every eight years <br /> 41 • NCGS 105 — 287: Changing appraised value of real property in years in which general <br /> 42 reappraisal is not made <br /> 43 o (b)(2) cannot adjust for economic changes (paraphrased) <br /> 44 <br /> 45 Timeline <br /> 46 <br /> 47 April 2014 -January 2016: Field visits to verify property record cards <br /> 48 January 2016: Mail summary description of properties with listing forms <br /> 49 January 2016 -April 2016: Initial field review of sales used in models <br />