Agenda - 09-15-20; 8-b - Submission of 2021 Reappraisal Schedules of Values

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5. WHO WILL DO THE WORK? The Orange County Tax Office is conducting this revaluation “in-house”. This means our own personnel in the tax office will be evaluating properties along with current market data and establishing new tax assessments. In addition, we have contracted with professionals to assist us in specific data categories. By having the revaluation conducted with current personnel and supplemented by the expertise of additional professionals, we feel this will yield a high-quality revaluation and better tax assessments for your tax dollars. 6. WHEN DOES THE REVALUATION TAKE EFFECT? Typical countywide revaluations take between 18 – 24 months to complete. Staff of the Orange County Tax Office has been reviewing market sales, compiling studies and maintaining a list of current tax base inventory since the last revaluation, January 01, 2017. Tax office appraisers began reviewing all properties for the 2021 revaluation in early 2019. Our current goal is to complete the process by the fourth quarter of 2020. The resulting values will be effective January 01, 2021. Real property tax bills mailed in July, 2021 will reflect the new revaluation tax assessment. 7. WHEN CAN I FIND OUT MY NEW TAX ASSESSMENT? New value notices should be mailed to all taxpayers who own real property in Orange County between January, 2021 and March, 2021. 8. WILL MY TAXES CHANGE AS A RESULT OF REVALUATION? Although the value of your property does affect your share of taxes, the actual amount you pay is determined by budgetary needs of the jurisdictions in which your property is located (county, city, fire districts, etc.). Governing boards of these taxing units decide what services the jurisdiction will provide in the coming year and how much money the jurisdiction will need to provide these services. A tax rate is then adopted to generate the necessary tax dollars. 9. HOW ARE MARKET VALUES DETERMINED? Various tools are used to extract data from the market. Sales files, sales questionnaires, multiple listing service, revenue stamps, cost books and ratio studies are a few examples. The best source for establishing residential market values is arms-length sales of reasonably comparable properties. Such properties are similar in location, age, style, condition and other features that may have an effect on market value. 10. WHAT IF I DISAGREE WITH MY NEW TAX ASSESSMENT? Instructions for appeal will be included with your new value notice. The first appeal level is an informal hearing with an Orange County Tax Office appraiser. Orange County will make personnel available to hold informal hearings with the property owner. During this informal session, the property record card is reviewed and you may request an actual site visit to your property. North Carolina General Statutes put the burden of proof on the property owner to show that a tax assessment is inaccurate. Keep in mind that the informal review will be to ensure your property is assessed at 100% of its fair market value as of the revaluation date, January 01, 2021. Therefore, an informal appeal could result in an increase, decrease or no change in assessment. A change in assessment will be considered only if the owner can demonstrate that the assessed value is more or less than market value as of January 01, 2021, or that it is inconsistent with assessments of similar properties. Assessments cannot be appealed based on (1) the percent of increase/decrease or (2) the taxpayer’s ability to pay the tax. The tax office will send results of informal appeals via mail. The second level of appeal is to the Orange County Board of Equalization and Review. North Carolina then has a State Property Tax Commission that hears advanced appeals. 7