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16 <br /> 1 Slide #22 <br /> Current Work — Neighborhood Reviews <br /> In addition to the study that the Tax Office has contracted out, there are <br /> reviews being conducted internally to review vertical regressivity. These <br /> reviews are being conducted based on the office's internal review of <br /> neighborhoods. <br /> Of the 1 ,000 neighborhoods in Orange County, we have identified 44 by <br /> internal review and are including 20 that have been suggested by <br /> OCPTJC. <br /> ORANGE COUNTY <br /> 22 NORTH CAROLINA <br /> Z <br /> 3 <br /> 4 Slide #23 <br /> Current Werk — 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 Prlce-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 outllers that need to <br /> be reviewed. <br /> 23 <br /> ORANGE ACO NATY <br /> 5 <br /> 6 <br /> 7 <br /> 8 <br />