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Date:   1/22/2004                        COMPTROLLER OF PUBLIC ACCOUNTS - PROPERTY TAX DIVISION                         Page:      1
Time:     16:41                                      2003 Property Value Study                                          Rpt: VAL7000
                                                     Confidence Interval Detail
                                                        212-909-212 Chapel Hill

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                                                              (1)                         (2)
  (1)                  (1)                        (1)       Stratum         (1)         Sample
Stratum              Category                 Local Value    Ratio      State Value      Size
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  1      A  - Single-family Residences         96,997,861     .9840      98,575,062       20
  2      A  - Single-family Residences         96,875,543    1.0030      96,585,786       42
  3      A  - Single-family Residences         96,753,226     .9953      97,210,114       27
  4      A  - Single-family Residences         96,671,680    1.0116      95,563,147       45
  5      D  - Rural Real                       72,987,670    1.0133      72,029,675       21
  6      F  - Commercial Real                  12,502,744     .9829      12,720,260        8
  7      F  - Commercial Real                  12,212,345     .9102      13,417,211        6
  8      F  - Commercial Real                  12,393,845    1.0170      12,186,672        5
  9      F  - Commercial Real                  12,144,930    1.2341       9,841,123        3
 10      L  - Commercial Personal              11,890,732    1.0027      11,858,713        9
 11      L  - Commercial Personal              11,692,223     .9742      12,001,871        6
 12      L  - Commercial Personal              11,811,329    1.0392      11,365,790        4

Random Totals:                                544,934,128               543,355,424      196
 Cat J Exception Values:                                0                         0
 Cat D1 Exception Values:                      11,565,958                10,687,805
 Other Exception Values:                        8,406,276                 8,101,026
Exception Totals(3):                           19,972,234                18,788,831
Test Values(4):                               564,906,362               562,144,255

Margin of Error Percent:                                    5.0000000
Margin of Error Value:                                     28,107,213
Confidence Interval Values:
  State Lower Limit:                                      534,037,042  (State Test Value Minus Margin of Error Value)
  Local Test Value:                                       564,906,362  (Within Confidence Interval Limits)
  State Upper Limit:                                      590,251,468  (State Test Value Plus Margin of Error Value)
Value Assigned (5):                                       624,688,069  (See ISD Summary Worksheet)


Sources:

(1) See Stratified Ratio Detail Report VAL7214.
(2) Number of parcels sampled by staff.
(3) Exception value includes, if tested, D1, the J sample, and any parcels in A,B,C,D,F1,G or L1 marked as exception properties.
(4) Unstudied categories and sub-categories were not included in the test values.
(5) Includes local value of unstudied property categories and sub-categories.