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2 <br /> f. October 23, 2024: Publish 2nd notice of adoption <br /> g. October 30, 2024: Publish 3rd notice of adoption <br /> h. November 6, 2024: Publish 4th notice of adoption <br /> i. November 15, 2024: Last day for taxpayer to appeal the SOV <br /> A reappraisal, or revaluation, is the process of updating real property tax values to reflect fair <br /> market value, the most probable price a property would bring at sale in an open and competitive <br /> market. It includes all residential and commercial land and structures. The effective date of the <br /> upcoming reappraisal is January 1, 2025. The primary goal is to equalize the tax base, so that the <br /> property tax burden is spread equitably across all taxpayers. <br /> Revaluations are conducted by applying mass appraisal techniques. Mass appraisal is the <br /> process of appraising a large number of properties as of a given effective date, using data <br /> standardized methods, and statistical analysis to arrive at uniform and equitable values. <br /> The 2025 revaluation work is 75-80% complete. A substantial consideration for the upcoming <br /> revaluation is the fact that the residential market has increased at record levels since 2021 <br /> throughout North Carolina. The current estimate of overall real property value increase is 43%, <br /> with jurisdictions ranging from 40 to 52%. In comparison, the average real property value increase <br /> countywide for the 2021 revaluation was just over 20%. <br /> It is worth noting that the commercial market has grown substantially in Orange County as well. <br /> There are roughly 2,160 commercial properties, and the valuations are approximately 80% <br /> complete. The commercial consultant retained by the Country anticipates a roughly $1 billion <br /> increase overall in commercial values. This represents an average increase of approximately <br /> 23%. <br /> The Tax Office will provide a final revaluation presentation to the Board of Commissioners in <br /> January 2025. Revaluation Notices will be mailed out mid-March 2025, and the planned deadline <br /> for informal appeals is April 20, 2025. The Board of Equalization and Review (BOER)will convene <br /> on May 5, 2025 to receive and hear formal appeals, with June 30, 2025 as the planned deadline <br /> for filing a formal appeal. The BOER will continue to meet through the fall of 2025 to consider all <br /> timely filed formal appeals. <br /> FINANCIAL IMPACT: There is no financial impact associated with conducting the public hearing. <br /> ALIGNMENT WITH STRATEGIC PLAN: There are no Orange County Strategic Plan Goals <br /> applicable to this item. <br /> RECOMMENDATION(S): The Manager recommends that the Board: <br /> 1) receive the PowerPoint presentation; <br /> 2) conduct the public hearing to receive comments from the public; <br /> 3) close the public hearing; and <br /> 4) provide any comments or direction in preparation for staff to present the SOV for approval <br /> at the Board's October 15, 2024 Business meeting. <br />