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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: September 9, 2004 <br />Action Agenda <br />Item No. 5. C. <br />SUBJECT: Establish Public Hearing Date on 2005 Schedule of Values <br />DEPARTMENT: Assessor's Office PUBLIC HEARING: (Y /N) No <br />ATTACHMENT(S): <br />INFORMATION CONTACT: <br />John Smith, ext 2101 <br />TELEPHONE NUMBERS: <br />Hillsborough <br />732 -8181 <br />Chapel Hill <br />968-4501 <br />Durham <br />688 -7331 <br />Mebane <br />336- 227 -2031- <br />PURPOSE: To schedule a public hearing on the "schedule of values" for the 2005 real property <br />revaluation. <br />BACKGROUND: Orange County will conduct its next revaluation of real property to take effect <br />January 1, 2005. The previous revaluation took effect on January 1, 2004. One of the statutory <br />requirements of a revaluation is that the Board of Commissioners must conduct a public hearing <br />on the schedule of values at least twenty -one (21) days prior to their adoption of the schedule. <br />The schedule of values allows the County Assessor and his staff to consider all of the various <br />factors which enter into the total market value of a piece of real property — for example, lot size; <br />square footage of living space; number of bedrooms and bathrooms; quality of construction and <br />materials; and physical depreciation, to name just a few. <br />The Assessor recommends that the Board establish a public hearing on the schedule of values <br />for Tuesday, October 5, 2004 at the F. Gordon Battle Courtroom in Hillsborough at <br />7:30 p.m. The Assessor further recommends that the Board plan to consider adoption of the <br />schedule of values at the November 3, 2004 regular meeting of the Board of Commissioners. <br />Following this schedule would support the Assessor's current plans to mail valuation notices to <br />property owners by mid - December. <br />During the next few months, the Assessor and his staff will undertake a public information effort <br />to promote better understanding among property owners of how the revaluation and appeals <br />processes work in North Carolina, with details of this effort to follow. <br />FINANCIAL IMPACT: None <br />RECOMMENDATION(S): The Manager recommends that the Board establish the public <br />hearing on the schedule of values for 7:30 p.m. on October 5, 2004 at the F. Gordon Battle <br />Courtroom in Hillsborough. <br />