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III. THE APPRAISAL PROCESS <br /> The responsibility to appraise (or reappraise) , all real <br /> property in the County identifies the need for definition <br /> and implementation of procedural guidelines which may be <br /> uniformly followed throughout the project. Once adopted, <br /> these guidelines should also be followed in making <br /> individual assessments, subsequent to the general <br /> reappraisal of all real property. It is intended that any <br /> guidelines thus incorporated in this manual are to be <br /> followed to the extent that they assist in the <br /> assessment/appraisal function of the Tax Office, but not as <br /> rigid rules which substitute for sound appraisal judgment. <br /> OUTLINE OE THE APPRAISAL PROCESS <br /> The flow chart on the following page outlines the steps an <br /> appraiser takes in carrying out an appraisal assignment. <br /> A. OBJECTIVE <br /> The primary objective is to appraise all real <br /> property in Orange County at its "true value", in <br /> accordance with applicable North Carolina General <br /> Statutes. <br /> B. PRELIMINARY SURVEY <br /> Determine the data needed, data sources and <br /> valuation approach(es) most valid and reliable for <br /> the kind of property under appraisal. <br /> C. DATA COLLECTION <br /> The key to an accurate appraisal lies in the <br /> methodical collection of data. The appraisal process is <br /> an orderly set of procedures used to collect and <br /> analyze all data in order to arrive at an ultimate value <br /> conclusion. The data must be comprehensive enough to <br /> allow for the adequate consideration of all factors <br /> which significantly affect property value. Toward that <br /> aim, such data is divided into two major classes: <br /> General and Specific. <br />