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35 <br /> 1 Slide#3 <br /> Background <br /> Revaluation completed in 2025 to value all property in the County to reflect market <br /> conditions/market value <br /> • Required by NCGS 105-286(al(21: <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 mast 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 folio wing 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 last 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 CAROLINA <br /> 2 <br /> 3 <br /> 4 Slide#4 <br /> Background <br /> • Following the Revaluation, the Board received community feedback and concerns about <br /> potential deficiencies and areas for improving the reappraisal process <br /> County Actions to Date <br /> - Provided technical support on how to file an appeal of value <br /> - Completed countywide and neighborhood level equity studies—adjusted values accordingly <br /> - Created 15 member Tax Assessment Work Group <br /> Tax Assessment Work Group Membership <br /> Three Commissioners • County Manager <br /> Representative from Orange County Property Tax Justice Coalition Tax Administrator(Acting) <br /> Representative from North Carolina Housing Coalition Budget Director <br /> Non-Profit Housing Provider Director of Civil Rights and Civic Life <br /> Four Community Members Community Relations Director <br /> a ORoN HCAOUNATY <br /> 5 <br /> 6 <br /> 7 <br />