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FINANCIAL IMPACT: The designation of the Captain John S. Pope Farm as a Local Historic <br />Landmark will make the owner of the property eligible for a 50- percent property tax deferral as <br />provided by State law and County ordinance, as an incentive to maintain the property in its <br />historic condition for the public benefit. The 50 percent property tax deferral for historic <br />landmarks will apply only to the valuations of the historic house and a few outbuildings, along <br />with the immediate lot around the house. The working acreage of the Pope farm (over 70 acres) <br />is already assessed as farmland under the County's present use valuation program. The <br />valuation change is as follows, according to County's Tax Administration Office: <br />Valuation of property before landmark designation: $181,747, for a tax of $1,693.16 <br />Valuation of property after landmark designation: $104,647, for a tax of $974.89 <br />Tax reduction = $718.27 <br />RECOMMENDATION(S): The Manager recommends that the Board adopt and authorize the <br />Chair to sign the attached ordinance to designate the Captain John S. Pope Farm as an Orange <br />County Local Historic Landmark, and thank Mr. Robert Pope for his outstanding efforts to <br />preserve his family farm and the County's agricultural heritage. <br />