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25 <br /> Current Work — Neighborhood Reviews (continued ) <br /> Steps Taken: <br /> 1 . PRD has been calculated for each of the neighborhoods. <br /> 2. For any that fall out of the standard range, the Price-Related Bias (PRB) is <br /> calculated. <br /> After discussion with UNC School of Government Representative, Price-Related Bias (PRB) <br /> is being used as a second review based on their recommendation. PRB is a statistical <br /> measure of vertical equity in property assessments. It quantifies how assessment ratios <br /> (assessed value to sale price) change with the value of the property. In practical terms, PRB <br /> represents the percentage change in the assessment ratio when property value is doubled <br /> or halved. As a general rule, the PRB coefficient should fall between -0.05 and 0.05. <br /> 3. Graphs are generated for each of the neighborhoods. For neighborhoods that are <br /> outside of PRB standards the graphs will help to identify any outliers that need to <br /> be reviewed. <br /> ORANGE COUNTY <br /> 23 NORTH CAROLINA <br />