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21 <br /> Orange County 2025 Revaluation FAQ <br /> Helpful Resources: <br /> File an Appeal Online: OrangeCountync.gov/Appeals Review your property Online: OrangeCountync.gov/PRC <br /> View Comps Online: OrangeCountync.gov/Comper Revaluation Info: OrangeCountync.gov/Revaluation <br /> What is Revaluation and why have one? <br /> Revaluation is the process of updating all property tax assessments in Orange County to reflect market value as <br /> of a set date. For Orange County, this date is January 1, 2025. During this process, the tax office reassesses all <br /> real property, including land, buildings, and improvements. North Carolina law requires counties to revalue <br /> properties at least every eight years, Orange County follows a four-year revaluation cycle. <br /> Will all property values change during a revaluation? <br /> Most likely yes. However, not all property values will change at the same percentage. Reappraisal is about the <br /> equalization of assessed value so that all property owners pay at 100%of market value.The below is an example <br /> of how this would occur over the course of several years between revaluations. <br /> • Home 1 sells for$320,000 and is assessed at $205,100, meaning Home 1 pays property tax on 64% of <br /> market value. <br /> • Home 2 sells for$320,000 and is assessed at $295,300, meaning Home 2 pays property tax on 92% of <br /> market value. <br /> For this example, let's say the property tax bills for both homes are $1,000 if the home were valued at the <br /> market value of$320,000 (sales price). Without reappraisal and equalization of value, the first home would be <br /> paying $640 in taxes while the second would be paying $920 in taxes. <br /> Will my taxes change as a result of revaluation? <br /> Your property value affects your share of taxes, but the amount you pay depends on the budget needs of your <br /> local government(county, city,fire districts, etc.). Governing boards decide on services for the year, set budgets, <br /> and adopt a tax rate to cover the costs. Your property value times the tax rate equals your taxes due. <br /> Who will do the work of reviewing properties for the revaluation? <br /> The Orange County Tax Office is mainly handling this revaluation internally,with help from appraisal consultants <br /> to gather data not accessible to staff. <br /> How are market values determined? <br /> Market data is gathered using different tools. However, the best way to value homes is by comparing sales of <br /> similar properties based on location, size, age, style, and condition. <br /> What if I disagree with my new tax assessment? <br /> Your new value notice includes instructions and an appeal form.The first step is an informal review by an Orange <br /> County Tax Office appraiser. Staff will be available to meet with property owners for this review. If further appeal <br /> is needed, a formal appeal can be scheduled with the Board of Equalization and Review. <br />