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5 <br /> Why Conduct a Revaluation Now? <br /> • Value all property in the County to reflect market conditions/market value at the time of the <br /> revaluation <br /> - Equity - redistribute the responsibility for property tax payments based on market value <br /> • Required by NCGS 105-286(a)(2j: <br /> — A county whose population is 75,000 or greater according to the most recent annual population estimates certified to the Secretary by the State <br /> Budget Officer must conduct a reappraisal of real property when the county's sales assessment ratio determined under G.S. 105-289(h) is less <br /> than.85 or greater than 1.15, as indicated on the notice the county receives under G.S. 105-284. A reappraisal required under this subdivision <br /> must become effective no later than January 1 of the earlier of the following years: <br /> a. The third year following the year the county received the notice. <br /> b. The eighth year following the year of the county's last reappraisal. <br /> • In 2022, Orange County received notice of a mandatory revaluation <br /> - Sales ratio for 2022 was 0.8197 which was below the standard of 0.85 <br /> - By 2024, sales ratio dropped to 0.6445 <br /> i� <br /> ORANGE COUNTY <br /> 2 NORTH CAROLINA <br />