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J <br />• LEE COUNTY <br />Committed Today for a Better Tomorrow <br />1 <br />J <br />Memorandum <br />To: Lee County Board of Commissioners <br />Cc: John Crumpton, County Manager <br />From: Dwane Brinson <br />Date: March 16, 2009 <br />Re: 2011 Revaluation <br />The tax office began working on the 2011 revaluation last year. To date, we have <br />redefined many neighborhoods within the county and compiled and qualified sales. We <br />are now beginning on our second round of qualifying sales. Our findings are illuminated <br />below. <br />Sales <br />For the 2011 revaluation, we are able to use sales from 2007, 2008, 2009 and 2010. The <br />more sales we have to work with, the more accurate we are able to estimate the market <br />value of properties. Over the last couple of years, the number of property sales have <br />severely declined. There are many neighborhoods for which there are no sales at all: <br />vacant or improved. Not having ample sales could negatively affect a revaluation. <br />Sales Ratio Siudv <br />Each quarter all NC counties are required to submit to the NC Department of Revenue <br />(NCDOR) a sales ratio study. This study indicates how tax values compare to current <br />market sales in the county. Each county's information is compiled into one study and <br />published by the NCDOR each year around April. However, we already have the <br />information submitted for the 2009 study. <br />0 <br />