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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: February 3, 2009 <br /> Action Agenda <br /> item No. <br /> SUBJECT: Property Value Changes <br /> DEPARTMENT: Assessor's Office PUBLIC HEARING: (YIN) No <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> John Smith, 245-2101 <br /> Resolution <br /> Spreadsheet <br /> PURPOSE: To consider approving changes made in property values after the 2008 Board of <br /> Equalization and Review has adjourned. <br /> BACKGROUND: North Carolina General Statute 105-325(a) provides in part that "After the <br /> board of equalization and review has finished its work and the changes it affected or ordered <br /> have been entered on the abstracts and tax records as required by G.S. 105-323, the board of <br /> county commissioners shall have the authority to make changes on the abstract and tax <br /> records." This section further enumerates the circumstances under which a board of <br /> commissioners can make valuation changes. <br /> The Orange County Board of Equalization and Review adjourned on June 11 , 2008. Since that <br /> time staff has identified the need to change values as indicated on the attached spreadsheet in <br /> accordance with statutory provisions. <br /> FINANCIAL IMPACT: Approval of these changes will decrease assessed value by $2,458,739 <br /> for 2008. This will result in a net decrease in revenue of $46,541 .32 to the County, <br /> municipalities, and special districts. For FY 2008/2009, the total net reduction in revenues is <br /> $65,462.84. <br /> RECOMMENDATION(S): The Manager recommends the Board adopt the resolution <br /> approving the attached value changes. <br />