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31 <br /> 1 Slide #5 <br /> Residential Appraisal <br /> • Residential properties valued by Orange County Appraisal Team <br /> — Each appraiser is certified by the North Carolina Department of <br /> Revenue(NCDOR) <br /> — Must pass required courses&maintain certification with continuing <br /> education <br /> — Must attend NCDOR Sales-Qualifying Training <br /> Each sale in Orange County is reviewed and categorized as <br /> qualified or non-qualified sale <br /> — "Arms Length Transaction"=Qualified Sale <br /> — Purpose is to eliminate sales not indicative of a fair market transaction <br /> — Two years of sales included in sales bank used to shape the values for <br /> the revaluation. <br /> — Sales bank is available on our website. 8,613 sales range from January <br /> 1, 2021 through December 31, 2024. <br /> ORANGE COUNTY <br /> 5 NORTH CAROLINA <br /> 2 <br /> 3 Commissioner McKee said a resident asked how homes in Orange County are appraised <br /> 4 because he responded to a resident's question and said that they do not come to each property <br /> 5 individually. <br /> 6 Nancy Freeman said that is correct and Orange County does a mass appraisal process. <br /> 7 She said this means the appeals process is very important for making any corrections. <br /> 8 <br /> 9 Slide #6 <br /> Comparison to Other Counties <br /> ❑Orange County estimates 49.5% increase countywide <br /> ❑Survey of counties conducting a revaluation in 2625 show <br /> average county-wide growth of 61%, and median of <br /> 55.5%. <br /> ❑Range from 25% to 88% <br /> ❑Twenty-one counties in the survey <br /> ORANGE COUNTY <br /> 6 NORTH CAROLINA <br /> 10 <br />