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19 <br /> 1 Chad Phillips said that while the state has determined that market value is the most <br /> 2 accurate way of determining value, the county does not have to use that method. <br /> 3 <br /> 4 Slide #5 <br /> Commercial Appraisal Process <br /> • Contracting with Analytical Consultants <br /> • Data Collection completed <br /> • Phase I of project completed <br /> • Completion of entire project in November 2024 <br /> ORANGE COUNTY <br /> 5 NORTH CAROLTNA <br /> 5 <br /> 6 Chad Phillips said they have contracted with a firm that is experienced in commercial <br /> 7 values. <br /> 8 <br /> 9 Slide #6 <br /> Residential Appraisal <br /> • Neighborhood Delineation completed <br /> • Increase from 975 in 2021 to 1,002 for 2025 <br /> • Data Validation Forms <br /> — mailed prompt to review property data&notify Tax Office of <br /> corrections <br /> — mailed 44,300 March 2023, have received 3,300 <br /> responses <br /> 20 Projects created to complete in coordination with <br /> Revaluation - 50% have been completed <br /> ORANGE COUNTY <br /> 6 N()R'I'H(AROLI:NA <br /> 10 <br /> 11 Chad Phillips said that a neighborhood is not defined as a "neighborhood" or subdivision <br /> 12 as one usually uses those terms but rather it is a group of like properties that are together. He <br /> 13 said that they work on neighborhood delineations throughout the year. He said they received <br /> 14 3,300 responses on the data validation review form. <br /> 15 <br /> 16 <br />