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20 <br /> b. Public Hearing on the 2025 Reappraisal Proposed Schedules of Rules, Standards, and <br /> Values <br /> The Board conducted a scheduled public hearing on the 2025 Reappraisal Proposed Schedules <br /> 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 /> 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 <br /> the 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 />