Orange County Property Valuations Raise Concerns in Northside Neighborhood
A predominantly Black and historic neighborhood in Chapel Hill is facing increased taxes after the latest round of Orange County’s property valuations.
North Carolina counties are required to revalue properties regularly to ensure a fair and equitable distribution of the property tax burden. The Orange County Tax Office recently completed its 2021 revaluation and mailed notice of new values to all property owners in late March.
The three basic approaches Orange County uses to arrive at a “fair market value” include a cost approach, which estimates the land value, a market approach, which refers to prior market sales, and an income approach, which appraises net income.
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