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not in an emergency situation now, but they need to be clear to their retirees that the County is <br /> not going to reduce the benefits, but only tweak them. He wants to be affirmative in standing by <br /> the commitments. <br /> Frank Clifton said that about 25% of the funds going to insurance are for retired <br /> employees. <br /> Commissioner Gordon asked if this would reduce the benefits for retirees. <br /> Frank Clifton said that this depends on the decisions that are made. <br /> Commissioner Hemminger suggested clarifying in the policy about the dependent <br /> coverage and how it is only for those employed before July 1, 2008, and it is only 52%. <br /> The Board decided to have this issue come back with some prioritization. <br /> 3. Presentation Reqardina the 2013 Revaluation of Real Propertv <br /> Director of Tax Administration Jenkins Crayton said that staff received some advance <br /> information a couple of weeks ago that property values are starting to drop. He made a <br /> PowerPoint presentation. <br /> REVALUATION 2013 <br /> Local Economv Continues Growth <br /> For 2011: <br /> - Business Property Value: Up 4.8°/a <br /> - Motor Vehicle Value: Up 7.8% <br /> - Real Estate New Construction and Development: <br /> � $�70,000,000 ��.2�io) <br /> - Tax Collections: Coming in faster by 26 basis points <br /> Charts indicating: <br /> Property values have begun to drop and sa/es are fewer <br /> Potential Revenue Neutral Tax Increases in 2013 <br /> Revenues Needed <br /> - Orange County: Up 7.7% or 6.6 cents $9.9 million <br /> - Chapel Hill: Up 8.3% of 4.1 cents $2.6 million <br /> - Chapel Hill-Carrboro Schools: <br /> Up 7.6% or 1.4 cents $1.4 million <br /> - Hillsborough: Up 6.2% or 0.38 cents $28,000 <br /> - Carrboro: Up 5.3% or 3.1 cents $590,000 <br /> Frank Clifton said that the County could do the revaluation in the four-year cycle that the <br /> Board of County Commissioners has planned, but the cost of doing a revaluation is that every <br /> governmental entity in Orange County will need to raise taxes to be revenue neutral. <br /> Commissioner Yuhasz said that the alternative is not to do a revaluation and wait until <br /> the values catch up, but he is not in favor of that. <br /> Frank Clifton said that the requirement is to do a revaluation every eight years. <br /> Chair Pelissier said that what worries her is that they would be basing a revaluation on <br /> so few sales. She questions whether there would be a good revaluation. <br />