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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: September 5, 2023 <br /> Action Agenda <br /> Item No. 8-f <br /> SUBJECT: Approval of Contract with Analytical Consultants, Inc. for Appraisal Assistance <br /> for 2025 Revaluation <br /> DEPARTMENT: Tax Administration <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Analytical Consultants, Inc. Contract Nancy Freeman, (919) 245-2735 <br /> Chad Phillips, (919) 245-2103 <br /> PURPOSE: To approve a contract with Analytical Consultants, Inc. for commercial property <br /> appraisal to assist the County in completing the 2025 Revaluation. <br /> BACKGROUND: North Carolina General Statute (NCGS) §105-286 requires counties to revalue <br /> all real property (land buildings, structures, and improvements) within their jurisdiction to current <br /> market value as of January 1 of the year in which a revaluation occurs. Orange County is on a <br /> four-year cycle, with the last revaluation occurring in 2021, and next revaluation to be effective on <br /> January 1, 2025. To assist the County in completing the revaluation, Tax Administration issued a <br /> Request for Proposals (RFP) for commercial property appraisal assistance for the 2025 <br /> revaluation. Analytical Consultants' proposal was selected by a review committee. <br /> Analytical Consultants is a commercial appraisal firm located in Chapel Hill that has a well- <br /> developed database of commercial property sales and income information specific to Orange <br /> County and the surrounding areas. The firm will help develop the values for commercial and <br /> industrial properties within the County using such sources as: public records, Triangle Multiple <br /> Listing Service, CoStar, LoopNet, lending institutions' databases, Realtor files, appraisers' files <br /> and Analytical Consultants own in-house data sources, most of which are not readily accessible <br /> to Orange County staff. The firm's resources and experience will assist Orange County staff in <br /> completing a more accurate and equitable reappraisal. <br /> FINANCIAL IMPACT: The contract with Analytical Consultants, Inc. is in the amount of$328,000 <br /> and funds were included in Tax Administration's FY 2023-2024 budget. <br /> SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to <br /> this item: <br /> • GOAL: ESTABLISH SUSTAINABLE AND EQUITABLE LAND-USE AND <br /> ENVIRONMENTAL POLICIES <br /> The fair treatment and meaningful involvement of people of all races, cultures, incomes <br /> and educational levels with respect to the development and enforcement of environmental <br />