Agenda - 06-05-2012 - 5a - Laserfiche WebLink

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11 1 adjust tax rates to be revenue neutral so there will be no shortfalls. Now some people's taxes 2 will go up, but many people's taxes will go down. 3 If anyone wants the info I am presenting tonight, I will give out my email and send you 4 the info. 5 My info comes from the Multiple Listing Service and even though this information is 6 public, I will hide the addresses, but have a hard copy if needed for verification if questioned. 7 Page 1 is a map dividing the county into areas. 8 Page 2 —the Assessor says he doesn't have enough data. Let's use the following data: 9 if you take out the areas around Chapel Hill numbered 201, 202, 203, 204, and 228 and look for 10 closed sales of single family dwellings, single wides, and doublewides and priced from $1 to 11 unlimited dollars. 12 From January 1, 2007 to December 31, 2007 you have 773 sales, compared four years 13 later using same data same timeframe you have 587 sales, not that many less. 14 From January 1, 2008 to May 14, 2008 you have 166 sales. Four years later same data 15 same timeframe you have 181 sales, even more than the prior years the revaluation was done. 16 . Page 3 —a map of roughly the area you were told that there wasn't enough data in 17 northern Orange. 18 Page 4 and 5 sales from January 1, 2007 to December 31, 2007, there were 36 sales, 19 page 5 and 6. Again, same search criteria from January 1, 2011 to December 31, 2011 there 20 were 36 sales. The same amount. 21 Page 7 sales from January 1, 2008 to May 14, 2008 there were 13 sales, page 8, again 22 same search criteria from January 1, 2012 to May 14, 2012 there were 11 sales. Almost the 23 same. 24 Quickly onto tax value versus sales price in Orange County for single family dwelling, 25 singlewides and doublewides. There were 892 sales. Each column is labeled to what it stands 26 for. Let's take page 9, which is around Chapel Hill. That's the first page printed off. Forty-six 27 properties closed. Thirty-four sold for less than tax value at an average of$51,205 less than 28 tax value. Twelve sold for more than tax value at an average of$35,550 more than tax value. 29 Page 25— let's take the area in northern Orange#222. Twenty-one properties sold 30 from January 1, 2011 to December 31, 2011. Sixteen sold for less than tax value of$46,190 31 less than tax value. Five sold for more than tax value at an average of$111,572. 32 All of these averages are from 15%to 30% off of tax value. They need to be corrected, 33 as many people are paying more than they should." 34 35 Commissioner Yuhasz asked Jenks Crayton if he saw any systemic inequities. Jenks 36 Crayton said that there are some geographical areas that do need correction. Through a local 37 appraiser, they have been alerted to one of these neighborhoods. This area was appraised at 38 too high a value in 2009. This is being remedied through the Board of Equalization and 39 Review. 40 Commissioner Yuhasz asked if it were possible that there were areas that were priced 41 too high or too low and if the County could look at those outside of a general revaluation. 42 Jenks Crayton said that he has not noticed this in particular, but he would be willing to 43 look at that if someone pointed it out. 44 Commissioner Yuhasz asked what a citizen would do if they felt that their property was 45 improperly valued. 46 Jenks Crayton said that they could email or call him. The best time to rectify a problem 47 is at the informal stage. 48 Commissioner Hemminger said that the last time the County did a revaluation, the 49 County remained revenue neutral, but about a third of the property owners ended up paying 50 more in taxes, about a third ended up about the same, and about a third paid a little less. She