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19 <br /> 1 a resolution to advance the cycle to once every four years. The last revaluation of real property <br /> 2 in Orange County took effect January 1, 2021, and the next is scheduled for January 1, 2025. <br /> 3 <br /> 4 Nancy Freeman, Tax Administrator, made the following presentation: <br /> 5 <br /> 6 Slide #1 <br /> 2025 PropertyTax <br /> Revaluation Update <br /> Nancy T.Freeman <br /> Orange County Tax Administrator <br /> 7 <br /> 8 <br /> 9 Slide#2 <br /> What is Revaluation or Reappraisal? <br /> Revaluation purpose stated by In Re Alfred,351 QVC f (199'9); <br /> "...purpose of a revaluation for tax purposes is to attain equckation of values,and throughout the <br /> Act there are procedures and controls for the timing and colculetion of property voluations which help <br /> to ensure that equalization.Examples...105-284(establishing uniform assessment standards), 105- <br /> 2 86(establishing scheduled octennialvoluatians rind horizontal valuations based on uniform <br /> geographic or category adjustments), 105-287(limiting valuation adjustments between general <br /> valuations)egad 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 ollows taxpayers and counties to plan and budget accordingly. <br /> 10 M I kv <br />