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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: September 20, 2011 <br />Action Agenda <br />Item No. 5_ -F <br />SUBJECT: Property Value Chan e <br />DEPARTMENT: Tax Administration <br />PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Resolution <br />Spreadsheet <br />INFORMATION CONTACT: <br />Jenkins S. Crayton, 245-2735 <br />PURPOSE: To consider approving a value change made in a property value after the 2011 <br />Board of 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 9, 2011. Since that <br />time, staff has identified the need to change a value as indicated on the attached spreadsheet <br />in accordance with the statutory provisions. <br />FINANCIAL IMPACT: Approval of this change will decrease assessed value by $1,948 for <br />2011. This will result in a net decrease in revenue of $18.08 to the County, municipalities, and <br />special districts. <br />RECOMMENDATION(S): The Manager recommends that the Board adopt the resolution <br />approving the attached value change. <br />