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2 <br /> Additionally, there is a release for University of North Carolina Hospitals at Chapel Hill in the <br /> amount of $76,141.77. A release occurs when a tax bill is unpaid, and it creates a new amount <br /> due. This is government-owned property which is exempt by operation of law, but was taxed for <br /> 2013 due to an inadvertent omission of an exempt code when the property was recently <br /> subdivided. <br /> North Carolina law allows the Board to approve property tax refunds for the current and four <br /> previous fiscal years. <br /> FINANCIAL IMPACT: Approval of this change will result in a net reduction in revenue of <br /> $306,849.12 to the County, municipalities, and special districts. The Tax Assessor recognized <br /> that refunds could impact the budget and accounted for these in the annual budget projections. <br /> RECOMMENDATION(S): The Manager recommends the Board approve the attached <br /> resolution approving these property tax release/refund requests in accordance with North <br /> Carolina General Statute 105-381. <br />