Minutes 11-09-2010 - Laserfiche WebLink

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nearly two years out, there is between 8% and 12% growth. She said that to successfully complete a revaluation, it has to be studied thoroughly. She suggested hiring professionals to review the Franklin and Rosemary Streets area. She also pointed out that State economists have been issuing statements over the last two years that the growth has dropped and is stagnant. The projection for the next two years is no more than 2% growth. This has a direct impact on the property values. She made reference to Attachment 2 and said that these figures are over and above the standard costs for revaluation. There would be an additional $200,000 to complete a successful revaluation. Commissioner Jacobs asked clarifying questions about how much a revaluation would cost, which were answered by Jo Roberson. Commissioner Hemminger pointed out that if it is found that the tax values have dropped after a revaluation, then property tax revenue would be less and the County would have spent $200,000. Jo Roberson said that potentially that is true, but revaluation is really not about increasing values, but ensuring that assets are fairly and equitably taxed. She said that based on what assessors and economists are saying across the State and nation, North Carolina has been very fortunate. Commissioner Yuhasz asked if a revaluation might be able to catch those homes that might be overvalued and adjust so that the component of equity is more balanced. Deputy Assessor Judy Ryan said that it is possible to get closer to uniformity, but it is also possible to get further away from uniformity if sales pick up in the time period of calculation. Commissioner Gordon made reference to the .99069 figure and said that this is about as close as you can get to accurate valuation and this seems fair, and it could be argued that a revaluation was not needed based on this. Discussion ensued between Commissioner Gordon and Jo Roberson about the timeframe for revaluation. Commissioner Jacobs thanked the staffs that were involved in the revaluation. He said that this does not change people's perception of revaluation that it is not an equitable process. He initially is disinclined to delay because it undermines the citizens' confidence in Orange County Government. He wants to be very cautious about thinking that things are not going to change. Orange County is not recession proof. Chair Foushee said that her personal opinion is in line with Commissioner Hemminger and Commissioner Jacobs in that the County will be no closer to 100% and to place additional uncertainty is not the way to go. Commissioner Jacobs said that staff needs to give the County Commissioners a drop dead date to make a decision. Jo Roberson said that staff needs to know this by January 2011. She said that the drop dead date would be the last meeting in December. Commissioner Yuhasz said that he is hesitant to wait until the last meeting in December to discuss this. He said that he does not want to delay because this is the first opportunity to have a revaluation with the new PIMS system. He said that the Board stood behind the revaluation and the need to have the revaluation and he thinks it would be a good message to send to the public to go ahead and do the revaluation. The Board agreed to have this on the agenda no later than the second meeting in December. 3. Orange County and Regional Transit Initiatives Planning Board Craig Benedict presented this item.