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24 <br /> Slide #2 <br /> Purpose <br /> 1 . Receive update on appeals of property value <br /> 2. Receive update on countywide and neighborhood level equity studies and <br /> next steps <br /> 3. Review and approve the charge, composition, and role of the Tax <br /> Assessment Work Group <br /> 2 OP,ANG CA OILINA COUNTY <br /> TTOR'FHSlide #3 <br /> Background <br /> Value all property in the County to reflect market conditions/market value at the time of the <br /> revaluation <br /> Redistribute the responsibility for property tax payments based on market value <br /> • Required by NCGS 105-286(a)(2): <br /> — A county whose population is 75,000 or greater according to the most recent annual population estimates certified to the Secretary by the State <br /> Budget Officer must conduct a reappraisal of real property when the county's sales assessment ratio determined under G.S.105-289(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 1 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 the year of the county's lost reappraisal. <br /> • In 2022, Orange County received notice of a mandatory revaluation <br /> - Sales ratio for 2022 was 0.8197 which was below the standard of 0.85 <br /> - By 2024,sales ratio dropped to 0.6445 <br /> ORANGE COUNTY <br /> 3 NORTH CARC+LINA <br />