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2 <br />[ ] FOR [ ] AGAINST <br />Real property transfer tax at the rate of up to [x] percent [x%] of value or consideration. <br />(NOTE: The x in the brackets above would be replaced on the ballot by .1, .2, .3, or .4, <br />depending on the decision of the Board of County Commissioners). <br />FINANCIAL IMPACT: There is no financial impact directly associated with the public hearing. <br />Preliminary estimates provided by the North Carolina Association of County Commissioners <br />suggest that based on historical patterns, Orange County could expect additional annual sales <br />tax revenue of roughly $3.0 million, or annual proceeds of approximately $4.0 million from a land <br />transfer tax of .4 percent, if approved by voters and implemented by the Board of <br />Commissioners. <br />RECOMMENDATION(S): The Manager recommends that the Board conduct the public <br />hearing on the matter of which local revenue option, or both, to place on the ballot for a May 6, <br />2008 referendum.