Agenda - 11-09-2010 - 2 - Laserfiche WebLink

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ORANGE COUNTY • BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: November 9, 2010 Action Agenda Item No. 2 SUBJECT: Planning for Future Revaluation Schedule DEPARTMENT: Tax Administration PUBLIC HEARING: (YIN) No ATTACHMENT(S): 1. Revaluation Fact Sheet 2. Estimate of Cost 3. DOR Sales Ratio Study (multi-year) 4. Current Sales Ratio Study Data 5. Commercial Appraiser Opinion 6. Articles of Interest INFORMATION CONTACT: Jo Roberson, Tax Administrator, 245-2727 Frank Clifton, County Manager, 245-2300 • PURPOSE: To discuss current market trends including data for consideration in timeframe planning for the County's next revaluation. BACKGROUND: Beginning in 1993, Orange County moved from a six year revaluation cycle to a four year cycle. Since 1993, each revaluation that has been completed has reflected an average growth in value from sales alone of 4% per year. When factoring in new construction, the average growth per year in value has been 6%. Of the five revaluations occurring in this timeframe, the least amount of overall growth has been 21 %. Over the past two years, there has been a marked decline in the number of property sales, permit issuance for new construction, and a definitive increase in the number of days property for sale has remained on the market. Historically, the County has also not seen the number of completed foreclosures or short sales that have occurred within the past twelve months. FINANCIAL IMPACT: If the Board chooses to move forward with .the current revaluation schedule, the County will have various financial decisions to make. RECOMMENDATION(S): The Manager recommends that: • The Board consider the information brought forward in this discussion; and • Based upon the information brought forward, provide direction to the Tax Administrator and the Manager for the next revaluation timeframe schedule. •