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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: October 1, 2024 <br /> Action Agenda <br /> Item No. 5-b <br /> SUBJECT: Public Hearing on the 2025 Reappraisal Proposed Schedules of Rules, <br /> Standards and Values <br /> DEPARTMENT: Tax Administration <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Presentation — 2025 Reappraisal and Nancy Freeman, Tax Administrator, <br /> Schedules of Values 919-245-2735 <br /> UNDER SEPARATE COVER: <br /> 2025 Reappraisal Schedules of Values <br /> ON FILE IN TAX ADMINISTRATION <br /> OFFICE AND CLERK'S OFFICE AND <br /> AVAILABLE ELECTRONICALLYAT: <br /> https://www.orangecountync.gov/878/R <br /> evaluation <br /> PURPOSE: To conduct a scheduled public hearing on the 2025 Reappraisal Proposed <br /> Schedules of Rules, Standards and Values. <br /> BACKGROUND: As required by North Carolina General Statutes (NCGS) 105-317, the proposed <br /> Schedules of Values (SOV) to be used in conducting the 2025 reappraisal were submitted to the <br /> Board of County Commissioners at the September 5, 2024 Business meeting. At that time, a <br /> public hearing was set for October 1, 2024. Notice was subsequently advertised in the News and <br /> Observer on September 6, 2024, and the News of Orange on September 11, 2024. The proposed <br /> Schedules have been available for public inspection in the Orange County Tax Office, Orange <br /> County Clerk to the Board's Office, the Orange County Public Library in Hillsborough, and on the <br /> Orange County Tax Office website (available at <br /> https://www.orangecountync.gov/878/Revaluation) since September 5, 2024. <br /> This public hearing is the second step in a three-step process to adopt the Schedules that will be <br /> used in conducting the 2025 reappraisal. The Board will be asked to adopt the Schedules at its <br /> October 15, 2024 Business meeting. Following adoption, the Schedules will be appealable to the <br /> State Property Tax Commission for thirty (30) days. <br /> The timeline for the 2025 Reappraisal Schedule of Values adoption process is as follows: <br /> a. September 5, 2024: Submission to Orange County Board of Commissioners <br /> b. September 6, 2024: Advertise in local newspapers <br /> c. October 1, 2024: Public Hearing on SOV <br /> d. October 15, 2024: Adoption of SOV <br /> e. October 16, 2024: Publish 1st notice of adoption <br />