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How A Neutral Revenue Rate Impacts Tax Bills <br /> • Properties with value increases at or below 16% would have no tax increase at the .86 <br /> cents rate. (approximately 9,134 properties) <br /> • Properties with value increases between 16% and 24% will have tax increases between <br /> 0 and 6.85% at the .86 cents rate. (approximately 16,423 properties) <br /> • The tax increase in the example above is $165, a 6.85% increase <br /> • When the revenue neutral tax rate is applied, property tax bills for personal property <br /> such as cars, motorcycles and mobile homes will decrease. <br /> o County bills for approximately 98,000 registered motor vehicles will decrease. <br /> When the tax rate reduces to the revenue neutral rate, those taxpayers will see <br /> lower tax bills for their motor vehicles. Mobile home owners (mobile homes not <br /> on permanent foundations) will also see lower tax bills for their mobile homes). <br /> It is also important to note staff anticipates vehicle, personal and public utilities property <br /> valuations to continue to decline. As to vehicle and personal property, this is because fewer <br /> new motor vehicles are being purchased and because purchases of other personal property, <br /> boats, business computers, etc. are being deferred. In addition, the NC General Assembly has <br /> created new tax exemptions that will erode the local property tax base. <br /> How Do Revaluation Values Compare to Sales Prices <br /> Last Quarter 2008: Multiple Listing Service (MLS) sales data of closed sales <br /> have been compiled and compared to the 2009 revaluation data for <br /> October, November, and December. (Out of 172 sales only foreclosures <br /> (13), short sales (1), and multiple property sales (2) have been <br /> excluded.) The comparisons reflect the accuracy of the revaluation. The <br /> ratio is 100%. <br /> January and February 2009: The Tax Assessor staff has monitored sales thus <br /> far in 2009. Multiple Listing Service sales data of closed sales have <br /> been compiled and compared to the 2009 revaluation data for the first <br /> two and one half months of 2009. (Out of 78 sales only relocations (3), <br /> and foreclosures (8) have been excluded.) The comparisons reflect the <br /> accuracy of the revaluation. The ratio is 100%. <br /> What to Do If You Do Not Agree With Your 2009 Value <br /> Prior to April 1, 2009, contact the Orange County Tax Assessor's Office <br />