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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: Apri121, 1998 <br />Action Agenda <br />Item No. ~G _ 4 <br />SUBJECT: Present-Use Value Pro <br />DEPARTMENT: Assessor PUBLIC HEARING: (Y/N) Na <br />BUDGET AMENDMENT: (Y/N) Na <br />ATTACHMENT(S): <br />Report <br />INFORMATION CONTACT: <br />John Smith, ext 2100 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 227-2031 <br />PURPOSE: To receive a report on the present-use value program of real property taxation. <br />BACKGROUND: At their March 17, 1998 meeting, the Board of Commissioners discussed <br />farmland preservation proposals that had been presented by the Agricultural Districts Advisory <br />Board. The Commissioners requested that staff prepare a report that addresses taxation of farm <br />property, to include trends in the present-use -value program, which results in taxation of qualifying <br />properties in an amount greatly reduced from taxes that would be due if those properties were <br />assessed at market value. <br />The Assessor, in collaboration with Planning staff, has prepared the attached report on the history of <br />the present-use value program in North Carolina and recent Orange County use value statistics. The <br />number of parcels and total acreage in the use value program in Orange County has increased in <br />recent years. The average market value of properties involved in the program has increased during <br />that period, while the average use value per acre has decreased. <br />Staff will make a brief presentation, be prepared to respond to questions, and can bring back <br />followup reports, as needed, if the Board requires additional information. <br />RECOMMENDATION(S): The Manager recommends that the Board receive the report for <br />information only at this time. <br />