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~~S-~at~~ -~33 <br />ORANGE COUNTY BOARD OF COMMISSIONERS ~ `~J °~ <br />~6 <br />Resolution Opposing <br />NC Senate Bill 508 and House Bill 648 - "So-Called" Exempt Builder's <br />Inventory <br />WHEREAS, County governments are responsible for delivery of basic <br />services to their citizens; and <br />WHEREAS, County governments are greatly dependent on a growing tax <br />base as the primary source of revenues which fund these basic services; and <br />WHEREAS, new subdivisions and new housing construction make up the <br />greatest bulk of growth to the tax base; and <br />WHEREAS, local governments make substantial investment that provides the <br />opportunity for the marketing of new subdivisions and for new housing <br />construction to occur; and <br />WHEREAS, the "so-called" exemption of builder's inventory would reduce the <br />growth in the tax base for counties, cities and towns statewide, and would <br />specifically reduce Orange County's tax base by potentially $150-200 million; <br />and <br />WHEREAS, properties that will potentially benefit from the "so-called" <br />exemption of builder's inventory will accrue increased value by escaping <br />property tax obligations; and <br />WHEREAS, the "so-called" exemption of builder's inventory will further increase <br />the already significant tax burden on individual homeowners; and <br />WHEREAS, the exemption of builder's inventory will make it even more <br />difficult for county governments to receive revenues necessary to the delivery <br />of basic services to their citizens; <br />NOW, THEREFORE BE IT RESOLVED that the Orange County Board of <br />Commissioners expresses its opposition to Senate Bill 508 and House Bill <br />648 - "so-called" "Exempt Builder's Inventory" bills -and any other similar <br />bills or legislation as being particularly erosive to the already eroded tax base <br />and urges members of Orange County's legislative delegation as well as <br />members of the General Assembly to oppose any efforts to exempt or to <br />exclude from taxation any property that might be construed to be builder's <br />inventory. <br />This the 18th day of April 2006. <br />Bar gJaco ~ y h it <br />Oran a Co ' nt Bo of Co missioners <br />