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ORANGE COUNTY, NORTH CAROLINA <br />NOTES TO THE FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED JUNE 30, 2012 <br />Property Tax Use-Value Assessment on Certain Lands <br />In accordance with the General Statutes, agriculture, horticulture, and forestland may be taxed by the <br />County at the present use-value as opposed to market value. When the property loses its eligibility <br />for use-value taxation, the property tax is recomputed at market value for the current year and the <br />three preceding fiscal years, along with the accrued interest from the original due date. This tax is <br />immediately due and payable. The following are property taxes that could become due if present use- <br />value eligibility is lost. These amounts have not been recorded in the financial statements. <br />Receivables <br />The amounts presented in the Balance Sheet and the Statement of Net Assets for the year ended June <br />30, 2012 is net of the following allowance for doubtful accounts: <br />45 <br /> <br />