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24 <br /> 1 Slide #10 <br /> Market Sales Statistics — NCDOR Annual Report <br /> • Sales ratio expresses the relationship between current assessed values and current market values. <br /> Counties with populations of 75°400 or more that have a Sales Ratio of under 85%or over 115%must <br /> conduct a revaluation of their real property within three years If a reappraisal is not already scheduled <br /> within that time period,See North Carolina General Statute I05-286(x){3), <br /> • 2021 Sales Ratio Median =98,66% <br /> 2022 Sales Ratio Median (provided by NC Department of Revenue) = 81.97'x, <br /> • At this pointthe average Sales Ratio for 2021 lkeappraisal Counties was 69.14% <br /> 2023 Sales Ratio Median (provided by NC Department of Revenue) = 69.49% <br /> First Quarter 2023 Sales Ratio Median = 65.90% <br /> • Second Quarter 2023 Sales Ratio Median = 64-8% <br /> 2 <br /> 3 <br /> 4 Slide #11 <br /> Market Sales Statistics — NCDOR Annual Report <br /> (continued) <br /> What does this mean? <br /> • To quote Chrls McLaughlin,University of North Carolina School of Government Professor- <br /> '*p 2022,fere aaurnty m d r_au*oryedrs mzo its recovery from rhe"C90D Rece=&"and real e&tdte pines dre BOOMfNG.Home <br /> prices in North Cdrdna Licm=ed 45%(ram Murch 2024 w Murch 2022 and condnue to*k Lip swrr.- (from Blog.Safes <br /> Assessment Rados Plummet,VI7r2O22 htros kanans,sag,una.€du174:.2/05lsales-asassmene-racios•P6urrr r U) <br /> As Is evident by the significant change in Sales Ratio from 2021 at 98.669E to our current estimated",80%,sale <br /> prices continue to climb In Orange County.If the trend continues.properties could experience a substantial <br /> increase in values county-wide in the 2025 Revaluation,similar to what was experienced in the 2021 <br /> Revaluation. <br /> • Since Orange chooses to reappraise every four years,we are not required to advance the 2025 reappraisal, <br /> However,we could not choose to postpone the revaluation because the 2022 sales ratio is below 85%. <br /> 5 <br /> 6 <br /> 7 <br /> 8 <br />