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24 <br /> Slide#10 <br /> ar et Sales Statistics — N C D 0 R Annual Report <br /> • Sales ratio expresses the relationship between current assessed values and current market values. <br /> Caunves with populations of 75,000 or more that have a Sales Ratio of under$5 or over 1159�muss <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 105-286(a)(2). <br /> • 2021 Sales Ratio,Median =98.66% <br /> - 2022 Sales Ratio Median (provided bar NC Department of Revenue) = 81-97% <br /> • Ar.this point,the average Sales Ratio for 2021 Reappraisal Courmies was 89.E 4% <br /> • 2023 Sales Ratio Median (provided by NC Department of Revenue) = 69,49% <br /> • First Quarter 2023 Sales Ratio Median = 6530% <br /> • Second Quarter 2023 Sales Ratio Median = 64,8% <br /> Slide#11 <br /> Market Sales Statistics — NCDOR Annual Report <br /> (continued) <br /> What does this mean? <br /> { To quote Chris McLaughlin,University of North Carolina School of Government Professor: <br /> '*P 20.22,Ow mrray n a mp4 of years mto Jts reaavvy from the"COWD R@cc=Jan"and reaJ ftni a art BOOM VC,Home <br /> fps in North CamAno Jncmame 455;from March 2020 to Munch 2022 and corrtJnue to pkk up mmm." (from Blot Sales <br /> Amessment Ratlns Plummet,511712022 httoa:#QricrILWF.ug.edu120221OSlsalea•assessmeno-racia€ylummesr J <br /> • As Is evident by the significant change in Sales Ratio from 2021 at 98."%to our currentestlmated 64,8M=1e <br /> prices consinue to climb In Orange County.If the trend continues,properties could experlence a substantial <br /> increase in values county-wide in the 2025 Reraluation,skim ilar 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 8S%. <br />