Agenda 04-05-22; 7-a - Report on 2021 Tax Appeals Results

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11 • Results of the Northside Appeals After revaluation notices were mailed, Tax Office was made aware of inconsistencies in the valuation of properties identified in Chapel Hill's Northside Neighborhood Conservation District and Carrboro's Lloyd/Broad Neighborhood Preservation District. There were 191 informal appeals and 51 formal appeals in the identified areas. 23 of the formal appeals were the result of an informal appeal. At the informal level, there was a net reduction of $7,859,135. 155 parcels had a reduction, with the average amount of $71 ,925. 31 increased in value, average of $106,100. 5 properties had no change. Of these 51 formal appeals there was a net decrease of $1 ,882,500. 35 of the properties decreased in value, 15 increased in value, and 1 had no change. The Average decrease was $86,217 and the average increase was $75,673. On July 28, the Tax Office requested that the Board of Equalization and Review exercise its power and duties as noted in NC General Statute 105-322 (g) (1 ) (b,c,d) and requested the Tax Office review the remaining approximately 472 properties in the identified areas that had not been appealed and make any necessary corrections to these properties and their values to be consistent with the actions taken on properties that were informally or formally appealed.