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20 <br /> Slide#3 <br /> What 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 /> Orange 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]anuary 1,2025. <br /> Slide#4 <br /> Importance of Reappraisal Cycle <br /> Required by North Carolina General Statute 10S-28b 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 /> i, <br /> ►FBI-f,�.,, �4 _ <br />