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20 <br /> 1 Slide#3 <br /> IrWhat is Revaluation or Reappraisal (continued)? <br /> • Revaluation re-established the fairness of the tax burden between properties,which typically change <br /> in value at different rates by location and property type. <br /> • Required by North Carolina General Statute 105-286 at least once every 8 years. <br /> • Grange County conducts a revaluation every four years, based on resolution signed on May 7.2013. <br /> • The last countywide reappraisal has an effective date of January 1,2021_ <br /> • The next reappraisal will update real property values to reflect fair market value as of January 1,2025. <br /> EM2 __ <br /> 3 <br /> 4 Slide#4 <br /> Ir <br /> Importance of Reappraisal Cycle <br /> • Required by North Carolina General Statute 105-286 at least once every 8 years. <br /> • However,Orange County chooses to conduct a revaluation or reappraisal every four <br /> years. <br /> Keeps real estate value levels more equitable with current market conditions. <br /> Keeps personal property,public utility,companies and real estate assessment levels more <br /> equitable since personal property and public utility values are updated yearly. <br /> 6 <br /> 7 <br /> 8 <br />