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18 <br /> Slide#2 <br /> What is Revaluation? <br /> • Process of updating real property tax <br /> assessment to market value and present-use <br /> value as of a single appraisal date <br /> • Includes land and permanent structures, both <br /> residential and commercial <br /> • Does not include business personal property, motor <br /> vehicles, boats, airplanes, public utilities,which are <br /> reappraised annually. <br /> ORANGE COUNTY <br /> 2 NORTH CAROLINA <br /> Slide #3 <br /> Why Have a Revaluation? <br /> • Re-establish the fairness of the tax burden <br /> between properties, which change in value <br /> at different rates by location and property <br /> type. <br /> • Required by N.C. General Statute 105-286 <br /> at least every 8 years. <br /> • Resolution signed May 7, 2013, Orange <br /> County conducts every 4 years. <br /> 3 ORANGE <br /> COUNTY <br /> Slide #4 <br /> What is market value? <br /> • N.C. General Statute 105-283 defines market <br /> value as "the price estimated in terms of money <br /> at which the property would change hands <br /> between a willing and financially able buyer and <br /> a willing seller, neither being under any <br /> compulsion to buy or to sell and both having <br /> reasonable knowledge of all the uses to which <br /> the property is adapted and for which it is <br /> capable of being used." <br /> 4 ORANNGE�COUNNTY <br />