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20 <br /> 1 b. Public Hearinq on the 2025 Reappraisal Proposed Schedules of Rules, Standards, and <br /> 2 Values <br /> 3 The Board conducted a scheduled public hearing on the 2025 Reappraisal Proposed Schedules <br /> 4 of Rules, Standards and Values. <br /> 5 <br /> 6 BACKGROUND: As required by North Carolina General Statutes (NCGS) 105-317, the proposed <br /> 7 Schedules of Values (SOV) to be used in conducting the 2025 reappraisal were submitted to the <br /> 8 Board of County Commissioners at the September 5, 2024 Business meeting. At that time, a <br /> 9 public hearing was set for October 1, 2024. Notice was subsequently advertised in the News and <br /> 10 Observer on September 6, 2024, and the News of Orange on September 11, 2024. The proposed <br /> 11 Schedules have been available for public inspection in the Orange County Tax Office, Orange <br /> 12 County Clerk to the Board's Office, the Orange County Public Library in Hillsborough, and on the <br /> 13 Orange County Tax Office website (available at <br /> 14 https://www.orangecountVnc.gov/878/Revaluation) since September 5, 2024. <br /> 15 <br /> 16 This public hearing is the second step in a three-step process to adopt the Schedules that will be <br /> 17 used in conducting the 2025 reappraisal. The Board will be asked to adopt the Schedules at its <br /> 18 October 15, 2024 Business meeting. Following adoption, the Schedules will be appealable to the <br /> 19 State Property Tax Commission for thirty (30) days. <br /> 20 <br /> 21 The timeline for the 2025 Reappraisal Schedule of Values adoption process is as follows: <br /> 22 a. September 5, 2024: Submission to Orange County Board of Commissioners <br /> 23 b. September 6, 2024: Advertise in local newspapers <br /> 24 c. October 1, 2024: Public Hearing on SOV <br /> 25 d. October 15, 2024: Adoption of SOV <br /> 26 e. October 16, 2024: Publish 1st notice of adoption <br /> 27 f. October 23, 2024: Publish 2nd notice of adoption <br /> 28 g. October 30, 2024: Publish 3rd notice of adoption <br /> 29 h. November 6, 2024: Publish 4th notice of adoption <br /> 30 i. November 15, 2024: Last day for taxpayer to appeal the SOV <br /> 31 <br /> 32 A reappraisal, or revaluation, is the process of updating real property tax values to reflect fair <br /> 33 market value, the most probable price a property would bring at sale in an open and competitive <br /> 34 market. It includes all residential and commercial land and structures. The effective date of the <br /> 35 upcoming reappraisal is January 1, 2025. The primary goal is to equalize the tax base, so that <br /> 36 the property tax burden is spread equitably across all taxpayers. <br /> 37 <br /> 38 Revaluations are conducted by applying mass appraisal techniques. Mass appraisal is the <br /> 39 process of appraising a large number of properties as of a given effective date, using data <br /> 40 standardized methods, and statistical analysis to arrive at uniform and equitable values. <br /> 41 <br /> 42 The 2025 revaluation work is 75-80% complete. A substantial consideration for the upcoming <br /> 43 revaluation is the fact that the residential market has increased at record levels since 2021 <br /> 44 throughout North Carolina. The current estimate of overall real property value increase is 43%, <br /> 45 with jurisdictions ranging from 40 to 52%. In comparison, the average real property value increase <br /> 46 countywide for the 2021 revaluation was just over 20%. <br /> 47 <br /> 48 It is worth noting that the commercial market has grown substantially in Orange County as well. <br /> 49 There are roughly 2,160 commercial properties, and the valuations are approximately 80% <br /> 50 complete. The commercial consultant retained by the Country anticipates a roughly $1 billion <br />