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34 <br /> If value adjustments are made, property owners will receive a notice of the change and will have <br /> fifteen (15) days to appeal that change to the Board of Equalization and Review. If the change in <br /> value also changes the amount of property tax due, taxpayers who have already paid their <br /> property taxes will be issued a refund if the amount is lower than their original tax bill or a notice <br /> of additional tax due if the amount is higher than the original tax bill. <br /> Appeals and Neighborhood Review Dashboard <br /> In an effort to provide timely updates, the Tax Office has automated several reports to track the <br /> status of appeals and neighborhood reviews in aggregate and by neighborhood. The dashboard <br /> (Attachment 1) summarizes the total number of informal and formal reviews completed either by <br /> the Tax Office or the Board of Equalization and review. The dashboard also tracks the properties <br /> that had a change in value, the dollar value of the reduction, and the percentage values were <br /> reduced for the properties that had a change in value. The dashboard also shows the number of <br /> neighborhood reviews that have been completed, the number of properties where the value was <br /> changed, and the dollar value of those changes. <br /> The FY2025-26 Budget assumes a tax base reduction of 3% or $936,162,977resulting from the <br /> appeal process. Currently, the total decrease in the tax base is $243,412,771 or 0.78%. If the <br /> tax base is reduced by more than 3%, property tax collections may not meet the budgeted amount. <br /> Appeals and Neighborhood Review Reports <br /> The Tax Office also created two additional reports (Attachments 2 and 3) that provide a more <br /> granular view of appeals and value changes by neighborhood for both appeals and neighborhood <br /> reviews. The appeal report is accompanied by maps showing the geographic distribution of both <br /> informal and formal appeals. <br /> Travis Myren made the following presentation: <br /> Slide #1 <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> Update on 2025 Property Tax Appeals and <br /> Neighborhood Reviews <br /> Board of Commissioners <br /> Business Meeting <br /> October 21,2025 <br />