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21 <br /> 1 Slide #5 <br /> NCDOR Reappraisal Standards <br /> North Carolina Department Of Revenue (NCDOR) adopted the International Association <br /> of Assessing Officers' (IAAO) Standard on Mass Appraisal of Real Property in 2017 and <br /> determined reappraisal standards for all counties. The main requirements of the <br /> Reappraisal Standards are: <br /> Frequency of Reappraisal,or Revaluation <br /> • Requlrement statewide is every elghc years,recommended Is as least every four years <br /> Median Sales Ratio of Real Property determined by NCIDOR indicates if a county must conduct a <br /> reappraisal sooner than planned <br /> 2 <br /> 3 <br /> 4 Slide #6 <br /> NCDOR Reappraisal Standards (continued) <br /> Type of Reappraisal <br /> Based on Review of Random Sample using I%of Improved Propertres <br /> For Counties on a four-year cycle,a Data Review conducted by NCDOR is required three years pnor to <br /> the planned Revaluation <br /> • Orange County's Random Sampk-Review was completed in Septem&-r 2622,Results: <br /> Square Footage Data:NC DOR Standard-95%,Orange Councy-95.41% <br /> Objects eData;NCDORStandard-9MStrangeCounty—98.71 <br /> Subjeccive Data:NCDOR Standard—90%,Orange County—93.89% <br /> • Recommendation made by NCDOR rMinimum Desktop Reappraisal <br /> Required Reappraisal Plan <br /> • Change County submitted plan to NCDOR in January 2023 <br /> Planmcludes; Budget,SwAngleveF.%Outsouming Needs..andTrmeline <br /> 5 <br /> 6 Vice-Chair McKee asked that field reviews focus on areas identified during the last <br /> 7 revaluation as areas of concern. <br /> 8 Nancy Freeman said absolutely and that she knows the Northside was an area of concern. <br /> 9 She said they found ten conservation districts in the county, and they will be closely reviewed to <br /> 10 make sure they are being valued correctly. <br /> 11 Commissioner Hamilton asked what 1% of improved properties means. <br />