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