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2 <br /> 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 />