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5 <br /> 1 February 2016 - May 2016: Review grade, depreciation, etc. field reviews <br /> 2 April 2016 -July 2016: Develop new rates for Schedule of Values (SOV) <br /> 3 July/August 2016: Finalize SOV <br /> 4 September 2016: Public hearing on SOV <br /> 5 October/November 2016: Adoption of SOV <br /> 6 January/February 2016: Final, holistic review <br /> 7 February 2017: Send out value change notices <br /> 8 February 2017 -April 2017: Informal appeals <br /> 9 May 2017 - June 2017: Board of Equalization and Review hearings <br /> 10 <br /> 11 The Process <br /> 12 • Property visits began in 2014 <br /> 13 • Land being valued as if vacant <br /> 14 • Models tested in the office <br /> 15 • Revaluation presentations in the community <br /> 16 • Commercial parcels appraised by private firm <br /> 17 • Organized properties into 975 neighborhoods — previously had 2 neighborhoods <br /> 18 • Classified building types, i.e. single family, office warehouse, manufactured home, <br /> 19 restaurant, etc. <br /> 20 o Now have 173 building types classified, up from 16 building types prior to 2017 <br /> 21 • Appraisers were assigned neighborhoods to complete for consistency <br /> 22 <br /> 23 Data Anomalies <br /> 24 • Field reviews/Data Correction Forms <br /> 25 o Property characteristic data changes for current year and future years <br /> 26 o Examples of exceptions: new home constructed that is not on tax records <br /> 27 (discovery), house fire resulting in total loss that is still being taxed (refund) <br /> 28 <br /> 29 Current Tax Assessments <br /> 30 • Last appraisal date was January 1, 2009 <br /> 31 o Adopted schedule of values for 2009 revaluation <br /> 32 o Current tax assessments reflect value as of that date <br /> 33 • Based on sales from 2007 and 2008 <br /> 34 • Per NCGS 105 —287, cannot change 2009 tax assessments until date of next <br /> 35 revaluation, January 1, 2017 <br /> 36 • Current sales ratio is .96, 1.007 in 2014 and 1.04 in 2013 <br /> 37 <br /> 38 Appeals <br /> 39 • Sample Revaluation Notice and Informal Appeal Form provided as part of this agenda <br /> 40 packet <br /> 41 o Informal Appeal Form instructions to be provided with mailing <br /> 42 o Insert on property tax assistance programs provided with mailing <br /> 43 • Stage 1 - tax office review in-house with an appraiser <br /> 44 • Stage 2 — hearing with Orange County Board of Equalization and Review (third party <br /> 45 members) <br /> 46 • Stage 3— North Carolina Property Tax Commission <br /> 47 • Stage 4 —Appeal courts <br /> 48 <br /> 49 Community Outreach <br />