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

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23 In total, we will review 171 neighborhoods, plus any that are identified through review of the third party vendor study. We will also review Habitat Homes based on the additional information that was provided to us on July 30th.The BOER has directed the tax office to review and make changes as necessary. For any property that is changed, a value notice will be sent, and the property owner will have 15 days to appeal back to the BOER.After this review is completed, an information item will be provided to the BOER of the neighborhoods that experienced changes, as well as a map to visually show where in the county these changes occurred. Please note that this does not imply that all 171 neighborhoods, or even all properties within a neighborhood will experience a change. PRD is an indicator that there may be an issue, it does not identify that there is an issue or what that issue may be. NBH Limited These are neighborhoods that have less than 5 sales and are unable to have a PRD calculated at a statically significant level, but through review, it is my opinion that they should have a second look by staff.There are 76 total of these neighborhoods. NBH Out of Standard These are neighborhoods that have five sales or more, and a PRD and PRB were calculated, and the neighborhood is outside of IAAO standards for each.There are 86 total of these neighborhoods, but 1 has already been addressed by the BOER, leaving 85 for review. OCPTJC These are the 19 neighborhoods that were highlighted in the slides by the Coalition.There is some overlap as 10 of these neighborhoods are in the other list.The neighborhoods highlighted in grey are outside of IAAO standards for both PRD and PRB. The ones in orange have less than 5 sales and a significant PRD could not be calculated, but in my opinion,they should be reviewed. The green highlight are neighborhoods that are within IAAO standard for PRD.The blue highlighted are the neighborhoods that would be inside IAAO standard if outliers are taken into consideration.As a matter of thoroughness, and to review for issues that may not have been evident in the equity review, all 19 neighborhoods will be reviewed by staff. Neighborhood Adjustment Example:T706-Southern Village Townhomes This neighborhood consists of 70 properties.Through the appeal process, it was discovered that the units on Highgrove Drive sold for about 15% less than the units in the rest of the neighborhood. It was learned that this subset of units was constructed with a lower quality.After the individual appeal was settled, staff went back to the BOER and asked that a similar adjustment be made to all properties that fell into this category.This resulted in a change in grade and value for approximately 20 properties out of the 70 in the neighborhood.This change resulted in the PRD going from outside of IAAO standard at 1.034 to being within standard at 1.022.