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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: December 11, 2012 <br /> Action Agenda <br /> Item No. 5-c <br /> SUBJECT: Personal Property Tax Releases/Refunds <br /> DEPARTMENT: Tax Administration PUBLIC HEARING: (Y/N) No <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Resolution Dwane Brinson, Tax Administrator, <br /> Spreadsheet (919) 245-2109 <br /> PURPOSE: To consider adoption of a resolution to change property tax values for one hundred <br /> seventy-three (173) tax notices, which will create property tax releases and/or refunds that will <br /> result in a reduction of revenue. <br /> BACKGROUND: The Tax Administration Office has one hundred seventy-three (173) tax <br /> notices which require value reductions that will create releases and/or refunds of property taxes <br /> for the current fiscal year due to calculations based on an incorrect depreciation schedule used <br /> during the billing process. <br /> North Carolina General Statute 105-325, "Powers of board of county commissioners to change <br /> abstracts and tax records after board of equalization and review has adjourned", provides that <br /> "After the board of equalization and review has finished..., the board of county commissioners <br /> shall not authorize any changes ...except as follows: Subsection 105-325(a)(4) reads: "To <br /> correct appraisals, assessments, and amounts of taxes appearing erroneously on the abstracts <br /> or tax records, as the result of clerical or mathematical errors." <br /> North Carolina law allows the Board to approve property tax releases and refunds for the <br /> current and four previous fiscal years. <br /> FINANCIAL IMPACT: Since the tax amounts on these notices were not included in the <br /> budgeted amount, the approval of this change will not result in a reduction of expected <br /> revenues. The total reduction in this un-anticipated revenue is $7,511.13 for the County, <br /> municipalities, and special districts. <br /> RECOMMENDATION(S): The Manager recommends the Board approve the attached <br /> resolution approving changes to these property tax values and the resulting releases/refunds in <br /> accordance with North Carolina General Statute 105-325(a)(4). <br />