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News Brief: Revaluations arriving this week

Posted on January 8, 2009 by Staff

The 2009 official property revaluation notices should begin arriving this week.

The letters, mailed by the Orange County Tax Assessor’s Office, are not tax bills, but notices of each property’s new value. Orange County performs a revaluation of property every four years to keep taxable property values more equitable and aligned with market values.

Since Jan. 1, 2005, the date of the last revaluation, the market value of Orange County properties has increased an average of 20 to 30 percent.

The tax rate is set by the Orange County Board of 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 100 percent disabled residents 65 and older whose 2008 household income did not exceed $38,400. The second is for honorably discharged veterans with a 100 percent disability that is service related.

For more information, visit www.co.orange.nc.us/assessor or call 245-2100.

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