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3 <br /> What is Revaluation ? <br /> • Process of updating real property tax assessment to <br /> market value and present-use value as of a single <br /> appraisal date <br /> • Primary goal is to equalize tax base <br /> • Re-establish the fairness of the tax burden between <br /> properties, which change in value at different rates by <br /> location and property type. <br /> • All residential and commercial land throughout Orange <br /> County and permanent structures <br /> • Does not include Personal Property which is reappraised <br /> annually <br /> ORANGE COUNTY <br /> 2 NORTH CAROLINA <br />