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3 <br /> What is Revaluation or Reappraisal ? <br /> Revaluation purpose stated by In Re Allred, 351 NC I (1999): <br /> ". . .purpose of a revaluation for tax purposes is to attain equalization of values, and throughout the <br /> Act there are procedures and controls for the timing and calculation of property valuations which help <br /> to ensure that equalization. Examples ... 105-284 (establishing uniform assessment standards), 105- <br /> 286 (establishing scheduled octennial valuations and horizontal valuations based on uniform <br /> geographic or category adjustments), 105-287 (limiting valuation adjustments between general <br /> valuations) and 105-317 (requiring uniforms schedules of values, standards and rules be applied <br /> countywide).The rules outlined in these sections are designed to promote horizontal equity between <br /> owners of similar properties, limit discretionary valuation and ensure reliability to the ad valorem tax <br /> process which allows taxpayers and counties to plan and budget accordingly. " <br />