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30 <br /> 1 Slide #3 <br /> Equalization Example <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 /> 2 <br /> 3 <br /> 4 Slide #4 <br /> Commercial Appraisal <br /> • Contracting with Analytical Consultants, a local <br /> commercial real estate appraisal firm. <br /> • Analytical Consultants provided market research <br /> and sales, then they provided value estimates to <br /> County Assessment staff. <br /> • orange County senior appraisal staff reviewed <br /> recommended values and determined the final <br /> value. <br /> ORANGE COUNTY <br /> 4 NORTH CAROLINA <br /> 5 <br /> 6 <br /> 7 <br />