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Date:   1/22/2004                        COMPTROLLER OF PUBLIC ACCOUNTS - PROPERTY TAX DIVISION                         Page:      1
Time:     16:53                                      2003 Property Value Study                                          Rpt: VAL7000
                                                     Confidence Interval Detail
                                                        225-906-225 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          7,835,859     .9857       7,949,537        7
  2      A  - Single-family Residences          7,809,587     .9316       8,382,983       10
  3      A  - Single-family Residences          7,829,291     .9507       8,235,291        7
  4      A  - Single-family Residences          7,724,200    1.0250       7,535,805        7
  5      D  - Rural Real                       24,379,796     .9687      25,167,540       11

Random Totals:                                 55,578,733                57,271,156       42
 Cat J Exception Values:                        3,025,666                 3,002,072
 Cat D1 Exception Values:                       3,707,785                 2,640,089
 Other Exception Values:                                0                         0
Exception Totals(3):                            6,733,451                 5,642,161
Test Values(4):                                62,312,184                62,913,317

Margin of Error Percent:                                    5.0000000
Margin of Error Value:                                      3,145,666
Confidence Interval Values:
  State Lower Limit:                                       59,767,651  (State Test Value Minus Margin of Error Value)
  Local Test Value:                                        62,312,184  (Within Confidence Interval Limits)
  State Upper Limit:                                       66,058,983  (State Test Value Plus Margin of Error Value)
Value Assigned (5):                                        60,883,282  (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.