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<br />® Scenario 3. Real Property Values Unchanged from 2048 Values, Property Tax <br />Rate Remains at FY 200809 Approved Rate of 99.8 Cents Per $104 <br />® Scenario 4. Real Property Values Unchanged frarrr 2408 Values, Tatal Property <br />Tax Received by County Remains at FY 2008-o9 Approved Amount of $120.9 <br />Million <br />• It is important to remember the projection of next year's revenue is based on <br />mathematical equations. As one factor in the equation decreases such as <br />valuation}, another factor increases such as tax rate} in order to reach the same <br />result such as total property tax dollars. <br />o For example, in both Scenarios 1 and 4, total property tax dollars equal <br />$120.9 million. However, the valuation in each of these circumstances is <br />different. <br />o Scenario 4 uses the pre-Revaluation real property value of $11.6 billion. <br />In order to generate $126.9 million in tax revenue, a higher praperty value <br />would be required than in Scenario 1 where the pest-Revaluation valuation <br />~s higher. <br />Staff plans to walk through details of the analysis during the work session. Attachment <br />4 of this agenda abstract provides details of the staff analysis. . <br />FINANCIAL IMPACT: Financial impacts included in the Background section and <br />presented during the work session. <br />R~C~MMENDATI~N~S~~ The Manager recommends: <br />• The Board not rescind the 2009 Revaluation <br />The Board agree to implement a revenue neutral flax rate for FY 2009-10 for <br />all taxpayers <br />e The Board apply the same principles for all taxing districts including the <br />County wide ad valorem tax, Chapel Hill Carrboro City Schools district tax and <br />fire district taxes <br />The Board agree the funding target for schools far FY 200914 is 48.1 °ln of <br />County revenues. <br />