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I. INTRODUCTION <br /> Orange County, like all other counties in the State of <br /> North Carolina, faces the continuous and challenging task of <br /> determining equitable assessments of properties which are <br /> subject to ad valorem tax within its jurisdiction. The <br /> applicable statutes of our State generally require the <br /> assessment of real property at least once every eight years, <br /> but also permits more frequent general appraisals when <br /> deemed necessary to maintain equitable assessments. The <br /> Orange County Board of Commissioners felt it necessary to <br /> advance this revaluation by four years in order to maintain <br /> equity in all property. The primary objective is, of <br /> course, to maintain an equitable tax base among all <br /> taxpayers. <br /> The obvious necessity for the periodic reassessment of <br /> taxable property is the practical and legal requirements for <br /> taxation at a fair basis. Article Five of our State's <br /> Constitution prohibits unfair taxation by local <br /> jurisdictions, while providing authority for the locally <br /> administered ad valorem (at value) tax. <br /> The economic principle of change has constant and <br /> ubiquitous effects (although not identical) , upon the <br /> properties which are subject to ad valorem taxation. These <br /> effects of change such as inflation, appreciation, <br /> depreciation, deterioration, destruction, improvement, etc. , <br /> must be frequently recognized in order to facilitate <br /> equitable assessments. <br /> Purpose of the Manual <br /> This manual has been developed as a tool to be used: <br /> (1) by the tax supervisor and/or his staff in the appraisal <br /> of real property in the County; and (2) to enable taxpayers <br /> to determine and understand the methods, rules, and <br /> standards by which their property is appraised. <br /> It is emphasized that the schedules of values reflected <br /> in this manual are intended to serve only as guidelines for <br /> the appraisals thereby determined, with the statutory <br /> requirement of "true value" as identified in N.C. G.S. 105 <br /> - 283 being the objective of each appraisal. <br /> In development of the schedules reflected herein, the <br /> greatest reliance was upon value determinants evident in the <br /> Orange County real estate market. Among the many factors <br />