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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: October 3, 2023 <br /> Action Agenda <br /> Item No. 7-a <br /> SUBJECT: 2025 Countywide Property Tax Revaluation Update <br /> DEPARTMENT: Tax Administration <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> PowerPoint Presentation Nancy Freeman, Tax Administrator, <br /> (919) 245-2735 <br /> PURPOSE: To provide an overview and update on the 2025 revaluation process. <br /> BACKGROUND: Counties in North Carolina are required to conduct a revaluation of all real <br /> property at least once every eight years. Orange County, like many other counties, has adopted <br /> a resolution to advance the cycle to once every four years. The last revaluation of real property <br /> in Orange County took effect January 1, 2021, and the next is scheduled for January 1, 2025. <br /> FINANCIAL IMPACT: There is no financial impact is associated with this presentation. <br /> SOCIAL JUSTICE IMPACT: There is no Orange County Social Justice Goal impact associated <br /> with this item. <br /> ENVIRONMENTAL IMPACT: There is no Orange County Environmental Impact associated with <br /> this item. <br /> RECOMMENDATION(S): The Manager recommends that the Board receive the presentation <br /> and provide any comments and questions. <br />