Orange County NC Website
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6 <br /> ORANGE COUNTY TAX OFFICE <br /> 228 S CHURTON STREET,SUITE 200 PO BOX 8181 <br /> HILLSBOROUGH, NORTH CAROLINA 27278 <br /> Telephone (919) 245-2100 Fax (919) 644-3332 <br /> Nancy T. Freeman, Tax Administrator <br /> 10 Frequently Asked Questions on Revaluations <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 />