Agenda 08-26-2025; 6-b - Update on Revaluation Appeals, Studies, and the Tax Assessment Work Group

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22 Lastly, we received information from the Vice President of Homeowner Services for Habitat for Humanity of Orange County on July 281", with follow up additional context on July 301". Some, but not all Habitat homes in Orange County have a "capped" sale price restriction written into their deed agreement based on the Area Median Income. We do not know which properties currently have this restriction, but in the opinion of the UNC School of Government; "deed restrictions impact highest and best use in the clearest way possible,through restricting the legally permitted use,just like a statute or zoning regulations.The appraiser would need to determine the impact of the specific deed restriction, which can vary...if you can determine that the deed is restricting the legally permissible sales price, it seems to me that the NCGS 105-283 true value as of the appraisal date has been restricted. We can't appraise the home above its legally allowed sales price" The Tax Office request that the Board instruct staff to review these 161 neighborhoods and make corrections as necessary. It should be noted that this request does not imply all 161 neighborhoods will be changed, nor does it imply that all properties within any single neighborhood will be changed. Any changes that occur due to this directive would result in the property owner being sent a new notice that would permit them to appeal that value to the Board of Equalization and Review within 15 days. As a matter of thoroughness, the Tax Office would also request the Board to instruct staff to review the 9 additional neighborhoods brought forth by the Coalition for issues that may not have been evident in the vertical equity analysis. Further, any additional neighborhood that is identified through the review of the third party vendors analysis should be included in this review. Lastly, the Tax Office would request the Board to instruct staff to review the Habitat homes in Orange County to review for the sale price restrictions, and adjust values accordingly and if necessary. Once all of the neighborhoods and properties have been reviewed,the Tax Office will bring back to the Board of Equalization and Review an information item that will provide the results of the reviews. It will include any properties that had value changes,the category of review,the neighborhoods the properties were located in, and the old and new values.