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Minutes 04-20-2021 Virtual Business Meeting
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Minutes 04-20-2021 Virtual Business Meeting
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5/24/2021 9:34:44 AM
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BOCC
Date
4/20/2021
Meeting Type
Business
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Minutes
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Agenda - 04-20-2021 Virtual Business Meeting
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37 <br /> Slide #7 <br /> Residential Appraisal Process Explained <br /> Resldentl of properllee valued by Orange County Appraisal to am <br /> Each app,dwri,certified by the North Carolina Department of Revenue <br /> iNCDOR) <br /> o—pose required- moi—Inc fir wiM rnnfiraing cducofi— <br /> o NCDOR pre Aes spoelNe Wa quallfyrg tralning,eur appmuom It— <br /> otiended <br /> Each sale in Orange County is reviewed and categorized as qualified or <br /> n cruahfied sale <br /> "Arms Length 7ranrodion"=Qualified SoVe <br /> o Purpose is to eliminate sores not indk:ative of o fair market transaction <br /> ❑Two years of soles mduded in sole..bank used to Shope the-t.-for the <br /> r�valuerlen <br /> eaMinwd e�xr page <br /> Slide #8 <br /> Residential Appraisal Process Explained(canrm ed) <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 /> Slide #9 <br /> Residential Appraisals <br /> I i Strong seller's market for residential properties <br /> Demand for residential properties driven by: <br /> ■Federal government's continued actions to keep interest rates low <br /> ■Pandemic-related circumstances of stay-at-home orders <br /> ■Increased demand,decreased inventory due to cessation of <br /> construction early in pandemic <br /> E: Comparison to other counties <br /> L,Survey of counties conducting a revaluation in 2021 show <br /> average county-wide growth of 17.88%,with a median of <br /> 16%. <br /> n Range from 8 to 36x1 <br /> Li Fifteen counties responded <br />
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