RES-2009-076 Tax Property Release Ordinance

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: November 5, 2009 Action Agenda Item No. ~+ SUBJECT• Property Tax Releases DEPARTMENT: Assessor's Office PUBLIC HEARING: (Y/N) No ATTACHMENT(S): Resolution Spreadsheet INFORMATION CONTACT: John Smith, 245-2101 PURPOSE: To consider adoption of a resolution to release property values related to five (5) requests for property tax release. BACKGROUND: The. Assessor's Office is requesting approval to release property values related to eight (8) requests for property tax release. (see explanations on attached spreadsheet). North Carolina General Statute 105-381(b), "Action of Governing Body" provides "upon receiving a taxpayer's written statement of defense and request for release or refund, the governing body of the Taxing Unit shall within 90 days after receipt of such a request determine whether the taxpayer has a valid defense to the tax imposed or any part thereof and shall either release or refund that portion of the amount that is determined to be in excess of the correct liability or notify the taxpayer in writing that no release or refund will be made". North Carolina law allows the Board to approve property tax releases for the current and four previous fiscal years. FINANCIAL IMPACT: Approval of these changes will result in a net reduction in revenue of $54,259.38 to the County, municipalities, and special districts for FY 2009/2010. The approval of these releases will bring the total net reduction for the FY 2009/2010 to $69,639.78. The Tax Assessor recognized that releases and Property Tax Commission decisions could impact the budget and accounted for these in the annual budget projections. RECOMMENDATION(S): The Manager recommends the Board approve the attached resolution approving five (5) property tax release requests in accordance with N:C. General Statute 105-381.