Sales Bank / Data Review
The Orange County Tax Office, in an effort to perform a high-quality, transparent 2021 revaluation, is providing a 2021 sales bank to the public. The 2021 sales bank for the 2021 Revaluation is provided below, and it identifies all 2021 qualified market sales that have been reviewed by the Tax Office.
During the revaluation process, the Tax Office has continually updated this report in preparation for the 2021 revaluation. Should members of the public have additional information on sales included within the report, please call the Tax Office at 919-245-2100 or email Revaluations.
How to Review
An appraisal is an estimate and opinion of a property's market value. While different appraisers can reach reasonably different conclusions of a property's market value, market evidence should be used to support the conclusion. For property tax assessment, tax office appraisers strive to produce an accurate estimate of each property's market value as of a single date. The market evidence we review as part of our appraisal process can be found in our Sales Bank.
Here are the basic steps in reaching a value conclusion for your property:
- Consider what you believe to be the value-driving factors of your property (the subject property). These factors could include heated square feet, number of bathrooms, type of heating and air, porches, garages, etc.
- Within your neighborhood, determine which sales are most similar to your property. The more similar a comparable sale, the more reliable it is in determining your property’s market value. If ample sales do not exist in your own neighborhood, you can expand your search to consider other similar neighborhoods.
- Once you have the pool of sales you believe to be most similar to your property, often three to five sales, you are ready to begin adjusting for differences between your property and each comparable sale on all the factors you defined in step one as value-driving. For example, if your property has two bathrooms and one of the comparable sales only has three bathrooms, you would subtract what you believe the market would support as contributory value of a third bathroom. Adjustments are always made to the sales price of the comparable sale. If the comparable sale’s factor is superior to your property’s factor, then you adjust the sales price of the comparable sale down and vice versa. Basically you want to make the comparable sale and your property equal, so if the comparable sale has one more bathroom than your property, you are trying to determine what the comparable sale would have sold for if it had only two bathrooms. See below image for sample sales adjustment analysis.
- Reconcile the adjusted sales prices from your comparable sales analysis. Consider which sale or sales are most similar to your property. You may choose to assign a weight to the adjusted sales prices, or you may choose another reconciliation method.