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37 <br /> 1 Slide #7 <br /> Residential Appraisal Process Explained <br /> Resldenrl nl propenles valued by Orange Cotxny Appraisal Team <br /> Each app ra iser is cartified by the North Carolina Peps rtmenr of Revenue <br /> IrrCDORI <br /> N 0 pace required arur and m Wi In cedifkoti with antinuing ed—fi.. <br /> NCDOR provld.s spedfk sabs,mrifying trc lnhg,our mppml—haw <br /> offended <br /> Each sale in Orange Gaunly is reviewed and careg.ni d as qualified ar <br /> non-qualified sale <br /> • <br /> "Arms Length lronsoction"=�uoGfed sale <br /> o Purpose-u M elimirwte—1—not indicative d o fnir market t—dion <br /> o Two yeoR of-1—included in—1—bank wed to shop.the valuer for the <br /> r_load., <br /> 2 page <br /> 3 <br /> 4 Slide #8 <br /> Residential Appraisal Process Explained Icdvi...dl <br /> IIIIIIIIIIIIN <br /> Neighborhood Delineation:Appraisal Team groups"like" <br /> properties(similar properties geographically or economically) <br /> Best indicator of value of single family home is sales <br /> comparison approach <br /> Mass appraisal makes assumptions about some items for <br /> similar homes.Individual appeals provides opportunityto <br /> review specific properties and adjust those items as needed. <br /> 5 <br /> 6 <br /> 7 Slide #9 <br /> Residential Appraisals <br /> I I Strong seller's market for residential properties <br /> a Demand for residential properties driven by: <br /> ■Federal government's continued actiorn to keep interest rates low <br /> ■Pandemic-related circumstances of stay-ot-home orders <br /> ■Increased demand,decreased inventory due to cessation of <br /> constrtfrtion early in pandemic <br /> - Comparison to other counties <br /> o Survey of counties conducting a revaluation in 2021 show <br /> average county-wide growth of 17.88%,with a median of <br /> 16%. <br /> o Range from 8 to 36°/ <br /> o Fifteen counties responded <br /> 8 <br /> 9 <br /> 10 <br /> 11 <br />