2017 Revaluation

Dwane Brinson, Tax AdministratorJune 15, 2015

Dillon’s Rule state

NCGS 105 – 283: Uniform Appraisal Standards Property to be appraised at market value

NCGS 105 – 286: Time for general reappraisal of real property Must conduct revaluation at least once every eight years

NCGS 105 – 287: Changing appraised value of real property in years in which general reappraisal is not made (b)(2) cannot adjust for economic changes (paraphrased)

Applicable Laws

February 2015 - January 2016: Field visits to verify property record cardsJanuary 2016: Mail summary description of properties with listing formsJanuary 2016 - April 2016: Field review of sales used in modelsFebruary 2016 - May 2016: Review grade, depreciation, etc. field reviewsApril 2016 - July 2016: Development of new rates for SOV and testingJuly 2016: Finalize SOVSeptember 2016: Public hearing on SOVOctober 2016: Adoption of SOVDecember 2016: Final, holistic reviewJanuary 2017: Send out value change noticesJanuary 2017 - March 2017: Informal appealsApril 2017 - June 2017: Board of Equalization and Review hearings

Timeline

Type of Property Measure of

Central Tendency

Coefficient of Dispersion

Price-Related Differential

Single-Family Residential Newer, homogeneous areas .90 - 1.10 5.0 - 10.0 .98 - 1.03 Older, heterogeneous areas .90 - 1.10 5.0 - 15.0 .98 - 1.03 Rural residential and seasonal .90 - 1.10 5.0 - 20.0 .98 - 1.03

Income Producing Properties Larger, urban jurisdictions .90 - 1.10 5.0 - 15.0 .98 - 1.03 Smaller, rural jurisdictions .90 - 1.10 5.0 - 20.0 .98 - 1.03

Vacant Land .90 - 1.10 5.0 - 25.0 .98 - 1.03

Other Real and Personal Property .90 - 1.10 Varies with local conditions

.98 - 1.03

Last appraisal date was January 1, 2009

Adopted schedule of values for 2009 revaluation Current tax assessments reflect value as of that date

Based on sales from 2007 and 2008

Per NCGS 105 – 287, cannot change 2009 tax assessments until date of next revaluation, January 1, 2017

Current Tax Assessments

Taxpayers may appeal their assessment every single year

Stage 1 - tax office review in-house with an appraiser

Stage 2 – hearing with Orange County Board of Equalization and Review (third party members)

Stage 3 – North Carolina Property Tax Commission

Stage 4 – Appeal courts

Appeals

www.orangecountync.gov, then Departments, then Tax

Administration

Twitter: @OCNCTAX

Summary description in January 2016

Additional Resources

Questions?