Orange County NC Website
Browse       Search
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: April 2, 2024 <br /> Action Agenda <br /> Item No. 4-c <br /> SUBJECT: 2025 Orange County Revaluation Update <br /> DEPARTMENT: Tax Administration <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> PowerPoint Presentation Nancy Freeman, Tax Administrator, <br /> 919-245-2735 <br /> PURPOSE: To receive a high-level overview presentation on the process for the 2025 <br /> countywide property revaluation. <br /> BACKGROUND: North Carolina counties must conduct a property revaluation at least once <br /> every eight years. Orange County's last revaluation took effect January 1, 2021. With Orange <br /> County having chosen to conduct a revaluation every four years, the next revaluation will have an <br /> effective appraisal date of January 1, 2025. Tax Office staff began working on the 2025 <br /> revaluation in mid-2022. In March 2023 the Tax Office sent each owner of improved real property <br /> a Data Validation form. Property owners were asked to return the form with any corrections to the <br /> data provided. This has been a practice for the last three revaluation cycles as an effort to ensure <br /> accurate records. <br /> A revaluation is necessary to realign the values of real property throughout the County to maintain <br /> equitable and uniform property values among property owners. Market values are shaped by <br /> property sales, and the Tax Office's responsibility is to look at those sales, interpret the market <br /> data, and estimate market values for all properties within Orange County. Orange County has <br /> approximately 58,500 real property parcels, and 1,002 delineated neighborhoods. <br /> To assist with the review and revaluation of commercial properties, the Tax Office has contracted <br /> with Analytical Consultants. The schedule for commercial properties is currently on track, with all <br /> sections of Phase I having been completed. <br /> The effective appraisal date for the 2025 revaluation is January 1, 2025. Revaluation Notices are <br /> scheduled to be mailed in February or March 2025. Appeals Forms will be included with the <br /> notices. The Tax Office has recently reviewed and developed an updated Appeals Form and <br /> Instruction Sheet, with the emphasis on simplifying completion of the form. <br />