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21 <br /> 1 Chad Phillips said that is not something they see very often and do not check that. He said <br /> 2 that they look at the DMV records and see if the record exists with name on a title and if not, they <br /> 3 check the deed. He said as far as the 20 year term, it is not something staff looks at. <br /> 4 Vice-Chair Greene said she was curious how that got into the statute. <br /> 5 Chair Bedford asked if fewer homes would be classified as real property. <br /> 6 Chad Phillips said they have 150-200 they are looking at now and it will likely stay as <br /> 7 personal property unless they own the land. <br /> 8 <br /> 9 Slide #9 <br /> Residential Appraisal, continued <br /> Current Market Conditions <br /> Mass appraisal effectiveness is measured by calculating the median <br /> sales ratio,which shows what percentage of market value is <br /> represented by current tax assessment. <br /> Current estimate of Countywide Sales Ratio,63.9%. <br /> Median sales ratio has fallen significantly over the last three years,and <br /> this indicates that sales prices have been on the rise since the 2021 <br /> Revaluation.Tax assessments assigned January 1,2021 are <br /> approximately 64%of current market sales. <br /> The overall percentage of increase in tax assessments will likely be <br /> higher than the increase experienced in the 2021 Revaluation. <br /> ORANGE COUNTY <br /> 9 \(7k I I I CAROLINA <br /> 10 <br /> 11 Chad Phillips said this means that Orange County values are only 64% of what they are <br /> 12 being sold for and that is why the state mandates that a reappraisal process be performed. <br /> 13 <br /> 14 Slide #10 <br /> Residential Appraisal, continued <br /> Neighborhood Reviews <br /> To date, appraisers have conducted 5,718 field reviews in preparation <br /> for the 2025 Revaluation.This is almost triple the number completed <br /> prior to the 2021 Revaluation,where field review efforts were reduced <br /> by the onset of COVID. <br /> The starting point for field reviews were neighborhoods that have <br /> experienced the most appeals since 2021, in order to ensure that there <br /> are no underlying issues that would affect all properties in the <br /> neighborhood. Field reviews will continue until the end of 2024. <br /> m ORANGE COUNT Y <br /> 15 <br />