Agenda - 10-15-2024; 8-j - Approval and Adoption of 2025 Reappraisal Schedule of Values

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1 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: October 15, 2024 Action Agenda Item No. 8-j SUBJECT: Approval and Adoption of 2025 Reappraisal Schedule of Values DEPARTMENT: Tax Administration ATTACHMENT(S): INFORMATION CONTACT: Order of Adoption Nancy T. Freeman, Tax Administrator, (919) 245-2735 UNDER SEPARATE COVER: 2025 Reappraisal Schedules of Values ON FILE IN TAX ADMINISTRATION OFFICE AND CLERK'S OFFICE AND AVAILABLE ELECTRONICALLYAT: https://www.orangecountync.gov/878/Re valuation PURPOSE: To approve and adopt the proposed 2025 Reappraisal Schedule of Values, authorize the Chair to sign the Order of Adoption for the 2025 Reappraisal Schedule of Values, and direct staff to publish the appropriate advertisements. BACKGROUND: The proposed 2025 Reappraisal Schedule of Values (SOV) was presented to the Board at the September 5, 2024 Business meeting. Immediately thereafter, the Tax Administrator advertised notice in the News of Orange and News & Observer regarding the availability of the Reappraisal Schedule of Values for public inspection and the date of the public hearing on the Reappraisal Schedule of Values. The Board held the public hearing regarding the Reappraisal Schedule of Values at its October 1, 2024 Business meeting. These actions were taken in accordance with the North Carolina General Statute (NCGS) 105-317(c)(1) and (2). In addition, NCGS 105-317(c)(3) states: "When the board of county commissioners approves the final schedules, standards, and rules, it shall issue an order adopting them. Notice of this order shall be published once a week for four successive weeks in a newspaper having general circulation in the county, with the last publication being not less than seven days before the last day for challenging the validity of the schedules, standards, and rules by appeal to the Property Tax Commission. The notice shall state: a. That the schedules, standards, and rules to be used in the next scheduled reappraisal of real property in the county have been adopted and are open to examination in the office of the assessor; and b. That a property owner who asserts that the schedules, standards, and rules are invalid may except to the order and appeal therefrom to the Property Tax Commission within 30 days of the date when the notice of the order adopting the schedules, standards, and rules was first published."