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Agenda - 02-25-2025; 7-a - 2025 Orange County Revaluation Presentation
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Agenda - 02-25-2025; 7-a - 2025 Orange County Revaluation Presentation
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2/19/2025 10:27:59 AM
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BOCC
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2/25/2025
Meeting Type
Business
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Agenda
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7-a
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Agenda for February 25, 2025 BOCC SPECIAL MEETING
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8 <br /> Mandatory Revaluation <br /> In counties with rapid property value changes, state law may <br /> require earlier reappraisals. North Carolina Department of <br /> Revenue (NCDOR) monitors the amount of change in property <br /> values by reviewing the sales ratio between revaluations. <br /> If sales ratio becomes too high or low, NCDOR mandates the county <br /> to conduct a revaluation sooner. <br /> • Orange County's marked growth in real estate prices since 2021 led <br /> the state to mandate a reappraisal by January 1 , 2025. <br /> Next reappraisal already set for 2025 but could not postpone the <br /> 2025 reappraisal. <br /> ORANGE COUNTY <br /> 7 NORTH CAROLINA <br />
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