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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 2, 2010 <br />Action Agenda <br />Item No. <br />_ SUBJECT: Property Value Changes <br />DEPARTMENT: Tax Administration <br />PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Resolution <br />Spreadsheet <br />INFORMATION CONTACT: <br />Jo Roberson, 245-2727 <br />PURPOSE: To consider approving value changes made in property values after the 2009 <br />Board of Equalization and Review has adjourned. <br />BACKGROUND: North Carolina General Statute 105-325(a) provides in part that "After the <br />board of equalization and review has finished its work and the changes it affected or ordered <br />have been entered on the abstracts and tax records as required by G.S. 105-323, the board of <br />county commissioners shall have the authority to make changes on the abstract and tax <br />records." This section further enumerates the circumstances under which a board of <br />commissioners can make valuation changes. <br />The Orange County Board of Equalization and Review adjourned on December 18, 2009. <br />Since that time, staff has identified the need to change values as indicated on the attached <br />spreadsheet in accordance with the statutory provisions. <br />FINANCIAL IMPACT: Approval of these changes will decrease assessed value by $89,823 for <br />2009. This will result in a net decrease in revenue of $1,031.05 to the County, municipalities, <br />and special districts <br />RECOMMENDATION(S): The Manager recommends that the Board adopt the resolution <br />approving the attached value changes. <br />