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4 <br /> Equalization - �'rr1 1mp <br /> Reappraisal purpose is equalization of assessed value so that all <br /> property owners pay at 100% of market value. This shows how the <br /> market value evolves in the years between revaluations. <br /> • At the 2021 revaluation, Home A is assessed at $205, 100, tax bill of <br /> $640. Home B is assessed at $295,300, tax bill of $920. <br /> • Both of these homes sell for $320,000 in 2023 <br /> • Even though both properties sold in 2023 for a higher amount, the <br /> value and tax amounts do not change for either property in 2024. As <br /> a result, in 2024 Home A is paying a property tax bill that is based on <br /> only 64% of its market value, while Home B is paying property tax <br /> based on only 92% of its market value. <br /> • At the 2025 revaluation, both homes are valued at $320,000, and <br /> the 2025 property tax bill for each home is $1 ,000. <br /> ORANGE COUNTY <br /> 3 NORTH CAROLINA <br />