By Orange County, Press Release ORANGE COUNTY, N.C. -
Under the North Carolina General Statues, local governments are required to perform a revaluation of property on a regular basis. Orange County engages in four-year intervals to keep taxable property values more equitable and aligned with market values.
The Orange County Tax Assessor's Office will soon mail the 2009 official revaluation notices to all property owners. The notices, effective January 1, 2009, should begin arriving around January 6, 2009. These letters are not tax bills but simply notices of each property's new value.
Assigning property value involves research recognizing monetary trends between buyers and sellers and reflecting that on similar property. The office of the Tax Assessor maintains extensive databases of countywide sales activities incorporating the knowledge and expertise of local real estate professionals and members of the banking industry. The Orange County Revaluation Team has worked diligently to confirm the accuracy of county data.
Since January 1, 2005 (the effective date of the last revaluation) the market value of Orange County properties has increased 20 to 30 percent on average. Over the last four years, Orange County residents have seen their investments appreciate in value compared to the downturn of property values in some parts of the nation.
The tax rate is set by the Board of County Commissioners when the budget is adopted each June. A similar process is completed for each of the local municipalities who set their own tax rates. Historically, the commissioners and town councils have been able to lower tax rates in revaluation years and these efforts have offset some of the increases in values.
There are two new tax reduction programs as of 2009. One is for the elderly (65 and older) or those 100 percent disabled whose 2008 household income did not exceed $38,400. The second is for honorably discharged veterans with a 100% disability that is service related.
For additional information visit the Orange County Tax Assessor's website http://www.co.orange.nc.us/assessor or call (919) 245-2100.
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