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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: March 1, 2011 <br />Action Agenda <br />Item No. ~ <br />SUBJECT: Presentation Regarding the 2013 Revaluation of Real Property <br />DEPARTMENT: Tax Administration <br />PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />None. <br />INFORMATION CONTACT: <br />Jenkins S. Crayton, (919) 245-2735 <br />PURPOSE: To receive a presentation of interesting facts about the current revaluation <br />including information about the 2009 revaluation, current economic conditions, and potential <br />impacts. <br />BACKGROUND: Sales prices for real property moved abruptly during 2011 after two years of <br />little change, but assessment equity is excellent. The declining volume of sales will make <br />maintaining that equity a challenging task. With some useful indicators now available, decision <br />makers can begin planning for the fiscal effects. <br />FINANCIAL IMPACT: The presentation includes information about financial impacts <br />anticipated for the 2013-2014 fiscal year. The information in regards to the presentation will be <br />provided at the work session. <br />RECOMMENDATION(S): The Manager recommends that the Board receive the presentation. <br />