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11 <br /> 1 not in an emergency situation now, but they need to be clear to their retirees that the County is <br /> 2 not going to reduce the benefits, but only tweak them. He wants to be affirmative in standing by <br /> 3 the commitments. <br /> 4 Frank Clifton said that about 25% of the funds going to insurance are for retired <br /> 5 employees. <br /> 6 Commissioner Gordon asked if this would reduce the benefits for retirees. <br /> 7 Frank Clifton said that this depends on the decisions that are made. <br /> 8 Commissioner Hemminger suggested clarifying in the policy about the dependent <br /> 9 coverage and how it is only for those employed before July 1, 2008, and it is only 52%. <br /> 10 The Board decided to have this issue come back with some prioritization. <br /> 11 <br /> 12 3. Presentation Regarding the 2013 Revaluation of Real Property <br /> 13 Director of Tax Administration Jenkins Crayton said that staff received some advance <br /> 14 information a couple of weeks ago that property values are starting to drop. He made a <br /> 15 PowerPoint presentation. <br /> 16 <br /> 17 REVALUATION 2013 <br /> 18 <br /> 19 Local Economy Continues Growth <br /> 20 <br /> 21 For 2011: <br /> 22 - Business Property Value: Up 4.8% <br /> 23 - Motor Vehicle Value: Up 7.8% <br /> 24 - Real Estate New Construction and Development: <br /> 25 ■ $170,000,000 (1.2%) <br /> 26 - Tax Collections: Coming in faster by 26 basis points <br /> 27 <br /> 28 Charts indicating: <br /> 29 Property values have begun to drop and sales are fewer <br /> 30 <br /> 31 Potential Revenue Neutral Tax Increases in 2013 <br /> 32 <br /> 33 Revenues Needed <br /> 34 - Orange County: Up 7.7% or 6.6 cents $9.9 million <br /> 35 - Chapel Hill: Up 8.3% of 4.1 cents $2.6 million <br /> 36 - Chapel Hill-Carrboro Schools: <br /> 37 Up 7.6% or 1.4 cents $1.4 million <br /> 38 - Hillsborough: Up 6.2% or 0.38 cents $28,000 <br /> 39 - Carrboro: Up 5.3% or 3.1 cents $590,000 <br /> 40 <br /> 41 <br /> 42 <br /> 43 Frank Clifton said that the County could do the revaluation in the four-year cycle that the <br /> 44 Board of County Commissioners has planned, but the cost of doing a revaluation is that every <br /> 45 governmental entity in Orange County will need to raise taxes to be revenue neutral. <br /> 46 Commissioner Yuhasz said that the alternative is not to do a revaluation and wait until <br /> 47 the values catch up, but he is not in favor of that. <br /> 48 Frank Clifton said that the requirement is to do a revaluation every eight years. <br /> 49 Chair Pelissier said that what worries her is that they would be basing a revaluation on <br /> 50 so few sales. She questions whether there would be a good revaluation. <br />