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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: May 15, 2012 <br />Action Agenda <br />Item No. 7 - (~ <br />SUBJECT: Resolution Regarding the Next General Reappraisal of Real Property <br />DEPARTMENT: Tax Administration PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Resolution <br />Slides <br />INFORMATION CONTACT: <br />Jenkins S. Crayton, (919) 245-2735 <br />PURPOSE: To discuss the optimal year for the next general reappraisal of real property and to <br />approve a resolution establishing the year for the next general reappraisal of real property in <br />Orange County. <br />BACKGROUND: Orange County's next general reappraisal of real property is currently <br />scheduled for 2013. At the Board's March 1, 2012 budget work session, Tax Administrator <br />Jenks Crayton shared information with the Board regarding the planned 2013 general <br />reappraisal of real property. The Board reviewed various issues related to a 2013 reappraisal <br />and expressed an interest in further discussion on proceeding with the reappraisal in 2013. <br />Sales prices for real property moved abruptly during 2011 after finro years of little change, but <br />assessment equity continues to be excellent. However, the declining volume of useful sales will <br />make maintaining equity a challenging task if the revaluation occurs as scheduled. <br />Rescheduling the reappraisal would allow for more sales to accumulate, and the next general <br />reappraisal would likely be more accurate. <br />The Board may choose any year for the next general reappraisal befinreen 2013 and 2017, and <br />the Board may amend its decision in the future. It is worth noting that in 2009, twenty-one (21) <br />North Carolina counties, including Orange, conducted a general reappraisal. Seventeen (17) of <br />those counties have decided to schedule their reappraisals in 2014 or thereafter. Eleven (11) of <br />these counties, a majority, have chosen 2017. <br />FINANCIAL IMPACT: If reappraisal occurs as scheduled in 2013, and based on current <br />respective tax rates, each governmental jurisdiction in the County could potentially lose <br />estimated revenue in the 2013-2014 fiscal year as follows: <br />Orange County <br />Chapel Hill <br />Chapel Hill-Carrboro <br />Schools <br />Carrboro <br />Hillsborough <br />$9.9 million <br />$2.6 million <br />$1.4 million <br />$590,000 <br />$280,000 <br />