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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: February 20, 2025 <br /> Action Agenda <br /> Item No. 7-a <br /> SUBJECT: 2025 Orange County Revaluation Presentation <br /> DEPARTMENT: Tax Administration <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> PowerPoint Presentation Nancy Freeman, Tax Administrator, <br /> Revaluation FAQs (919) 245-2735 <br /> PURPOSE: To receive an overview of findings and plans of the 2025 countywide revaluation. <br /> BACKGROUND: The Tax Office is nearing completion of the 2025 revaluation of real property <br /> to reflect market value as of the appraisal date of January 1, 2025. Revaluations are mandated <br /> by the North Carolina General Statutes and needed to realign the values of real property <br /> throughout the County to maintain equitable and uniform property values among property owners. <br /> Market values are shaped by property sales, and the Tax Office's responsibility is to look at those <br /> sales, interpret the market data, and estimate market values for all properties within Orange <br /> County. <br /> The Assessment Team compiles sales, data from property owners, and information from <br /> professionals for a full understanding of the Orange County real estate market. As has occurred <br /> in the past, the Tax Office contracted with an outside vendor to provide data on commercial <br /> properties in the County. <br /> Conducting a countywide revaluation takes significant effort and staff dedication. Assessment <br /> staff began working on the 2025 revaluation in 2023. Orange County has approximately 58,700 <br /> real property parcels, and each of those parcels has been reviewed to reflect a current estimate <br /> of market value. Notices providing the newly updated values will be mailed early to mid-March. <br /> An Appeal Form and a list of Revaluation Frequently Asked Questions (FAQs) will be included <br /> with each notice. A copy of the FAQs is also attached to this abstract. <br /> FINANCIAL IMPACT: There is no financial impact associated with receiving the presentation. <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 receive the presentation <br /> and provide any comments and questions. <br />