Orange County NC Website
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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />ORANGE COUNTY TAX OFFICE 228 S CHURTON STREET, SUITE 200 PO BOX 8181 HILLSBOROUGH, NORTH CAROLINA 27278 Telephone (919) 245-2100 Fax (919) 644-3332 Nancy T. Freeman, Tax Administrator <br /> <br /> <br />10 Frequently Asked Questions on Revaluations <br /> <br /> <br />1. WHAT IS A REVALUATION? <br />Revaluation is a process by which all property tax assessments within a taxing jurisdiction <br />(Orange County) are reassessed to their market value as of a specific revaluation date. It also is <br />sometimes called a reappraisal or mass appraisal. The tax office, in this process, reassesses all <br />real property (land, buildings and other improvements to the land) as of the revaluation date. <br />Arms-length market sales are used to estimate new tax assessments during this process as well <br />as other market data such as income/expense information and market building cost <br />information. This updated tax assessment is effective, generally, until the next countywide <br />revaluation. Orange County’s next revaluation date is January 01, 2021, and tax assessments <br />should reflect market value as of that date once the revaluation is completed. <br />2. WHY HAVE A REVALUATION? <br />The State of North Carolina requires counties to conduct a revaluation at least once every eight <br />years (NCGS 105 – 286a). Its purpose is to redistribute the tax burden based on current market <br />data. As time elapses between revaluations, properties may increase or decrease in market <br />value at different rates. The State of North Carolina charges counties with assessing property <br />based on current market data as of each revaluation date. <br />3. WILL ALL PROPERTY VALUES CHANGE? <br />Most likely, yes. However, not all property values will change at the same percentage. Market <br />values may have increased or decreased more for some neighborhoods and property types than <br />for others. One purpose of a revaluation is to ensure assessed values reflect changes that have <br />occurred in the marketplace since the last countywide revaluation. <br />4. WHY APPRAISE AT MARKET VALUE? <br />North Carolina General Statute 105 – 283 requires counties to assess all property, both real and <br />personal property, at its true value in money. True value shall be interpreted as meaning <br />market value. NCGS 105 – 284 establishes a uniform assessment standard. This standard in <br />effect penalizes counties if they are not assessing property at market value as of the date of last <br />revaluation. <br /> <br />6