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21 <br /> Slide #5 <br /> NCDOR Reappraisal Standards <br /> North Carolina Department Of Revenue (NCDOR) adopted the International Association <br /> of Assessing Off cers' (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 /> Requirement statewide is every elght years,recommended Is as least every four years <br /> • Median Sales Ratio of Real f}roperty determined byNCDOR indicates ifa county must conduct a <br /> reappraisal sooner than planned <br /> Slide #6 <br /> NCDOR Reappraisal Standards (continued) <br /> • Type of Reappraisal <br /> Based on Revtew of Random Sample using I%of Improved Properties <br /> For Count ts on a fouwytar cycle,a Data Review conducted by NCDOR is requirtd three years prior to <br /> tier planned Revaluation <br /> • Orange County!.Random Sample Review was completed in Septem6tr 20a Results <br /> • Squarc Foouga Daw:NC pQR Sxandard-95�6,Qrarvge Counry-95.4 f�6 <br /> Objeubve Data:NC DOR Standard—93%,Orange County—98.7 E% <br /> Subjecove Data:NCDOR Standard—"%.Orange County—93A9% <br /> • Recommendation made by N C DOR;Minimum Desktop Reappraisal <br /> • Required Reappraisal Plan <br /> • Orange County submitted plan to NCDQR in January 2023 <br /> Plar,od des, Budget 5taffingleveis.QutsourcingNeeds,andFFmeline <br /> 1 0 <br /> Vice-Chair McKee asked that field reviews focus on areas identified during the last <br /> revaluation as areas of concern. <br /> Nancy Freeman said absolutely and that she knows the Northside was an area of concern. <br /> She said they found ten conservation districts in the county, and they will be closely reviewed to <br /> make sure they are being valued correctly. <br /> Commissioner Hamilton asked what 1% of improved properties means. <br />