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had not improved. The news from the homebuilding industry reflected some pretty grim factors <br /> as revealed by the Multiple Listing data. The mortgage companies are calling in lots of loans <br /> on short notice and forcing some builders into bankruptcy. <br /> Developing land for new lots is just about at a standstill. Banks and mortgage <br /> companies are not going there at the present time. <br /> One sad case cited was a homebuilder with three new houses completed. He had <br /> been doing business with his same local bank for 15 years, had never been late on a payment. <br /> Suddenly his bank is taken over, the bank notifies him that they are "calling the loans" for <br /> several hundred thousand dollars in 60 days. That builder just lost everything and he was <br /> forced into bankruptcy. The mortgage companies and banks simply have cut off all money to <br /> developers and builders in some cases. <br /> To our Tax Assessor, I say all of the above market trends, every one of them, are <br /> factors when appraising a house. And so are the following: <br /> Your son or daughter-in-law just lost their job. The local bank that was never <br /> mentioned as being taken over or bailed out suddenly has its stock selling at $2.00 per share. <br /> Two of the other biggest banks have been bailed out or taken over. One of three auto dealers <br /> in Chapel Hill just closed doors, another had a vacant showroom for weeks. The newspapers <br /> are scaling back and laying off. Mr. John Smith, your 401k just went down 30% in a few <br /> months and hasn't recovered. More importantly, everyone else has gone down from 20 and <br /> 40% also. But you somehow think that all real estate in Orange County should be increased <br /> 20 to 40% in value. It is my fond hope that when all of these cases land at the N. C. Tax <br /> Commission's lap, they will bind you out of their office. You see, they have had the same <br /> market trends. When all of these cases get over there they are going to ask the same thing <br /> we are all asking —Are you nuts?" <br /> Mr. Craig said that he would be having a seminar on March 30th at the American <br /> Legion hut, and anyone is welcome to attend. He also has the complete law in regards to <br /> revaluation, and he would be happy to share this with anyone. <br /> Ned Riggsbee lives in Carrboro near McDougal School. He said that since 1973, his <br /> property has gone up in value 43%. He is expecting a $20,000 tax bill this year. He went <br /> through the tax bill increases that he has experienced over the last 36 years. He said that he <br /> is tired of hearing about revenue neutral because there is nothing to that. He said that the tax <br /> rate would have to drop to 69 cents for his property to be revenue neutral. He said that this is <br /> a runaway train. <br /> Sybil Skakle has been a resident of Orange County since 1958. She said that her tax <br /> bill has risen every year since she moved here. She said that in 2004 she protested her <br /> revaluation because it was up to $143,000. She said that she is 83 years old, and her house <br /> is not an investment, but it is her home. <br /> David Laudicina said that he wanted to speak about why so many concerned citizens <br /> are worried about their property taxes. He has done some analysis with different scenarios <br /> including rescinding the revaluation, keeping the revaluation combined with revenue neutral <br /> rates, and a rate increase of 6.2 cents. He said that revaluations produce huge increases in <br /> the property tax and it is a runaway train. He said that these people are worried about the <br /> future ability to live in Orange County. He said that everyone is asking that the County <br /> Commissioners rescind the revaluation and stay with the current tax rate of .998. <br /> Richard Ellington spoke about the continuing preservation and storage of the County's <br /> history. He said that the North Carolina Room collection does not have a place in the new <br /> Orange County Library. He said that this is an outrage and the North Carolina Room must <br /> remain open because the resources there represent the heritage and history of all of Orange <br /> County and its people. He said that there has been talk of digitizing, which would take many <br />