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14 <br /> 1 Slide #1 <br /> ORANGE COUNTY <br /> NC)RTH CAROLINA <br /> Revenue Neutral Property Tax Rate <br /> for FY25-26 <br /> April 15, 2+025 <br /> Board of Commissioners Business Meeting <br /> 2 <br /> 3 <br /> 4 Slide #2 <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 AfC65 105-2$6[a](2h <br /> — A county whose population is 75,000 or greater according to the most recent annual papulation estimates certified to the Secretary by the State <br /> Budget dfficer must conduct a_reopproisal of real property when the county's sales assessment ratio determined under G.S.16S-299(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 I 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 rhe year of the county's last reappraisal. <br /> In 2022, Orange County received notice of a mandatary revaluation <br /> - Sales ratio for 2022 was 9.8197 which was below the standard of 0.85 <br /> - By 2024, sales ratio dropped to 0.6445 <br /> ORANGE COUNTY <br /> 2 NORTH+CAROLINA <br /> 5 <br /> 6 <br /> 7 <br />