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19 <br /> a resolution to advance the cycle to once every four years. The last revaluation of real property <br /> in Orange County took effect January 1, 2021, and the next is scheduled for January 1, 2025. <br /> Nancy Freeman, Tax Administrator, made the following presentation: <br /> Slide #1 <br /> 2025 Property Tax <br /> Revaluation Update <br /> Nancy T.Freeman <br /> Orange County Tax Administrator <br /> Slide#2 <br /> What is Revaluation or Reappraisal} <br /> Revaluation purpose stated by In Re Allred,351 NC f (f 494): <br /> "...purpose of a revaluation for tax purposes is to attain equalization of vafues,and thmughout the <br /> Act there are procedures and controls for the timing and calculation of property valuations which help <br /> to ensure that equalization.Exampies ...l 05-284(establishing uniform assessment standards), f 05- <br /> 2 86(establishing scheduled octenniai valuations and horizontal vaivations based on uniform <br /> geographic or category adjustments), 105-287(firniting valuation adjustments between general <br /> valuations)and f 05-317(requiring uniforms schedules of values,standards and rules be applied <br /> coantywide)_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 aiiaws taxpayers and counties to pion and budget accordingly. <br />