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1 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: April 7, 2015 <br />Action Agenda <br />Item No. 4 -e <br />SUBJECT: Update Report: 2017 Countywide Revaluation of Real Property <br />DEPARTMENT: Tax Administration PUBLIC HEARING: (Y /N) No <br />ATTACHMENT(S): <br />1) March 19, 2015 Memo from Tax <br />Administrator - 2017 Property Tax <br />Revaluation <br />2) RES- 2012 -048 Resolution Regarding <br />the Next General Reappraisal (May 15, <br />2012) <br />3) RES- 2013 -041 Information and <br />Resolution Regarding the Next <br />Revaluation (May 7, 2013) <br />INFORMATION CONTACT: <br />Dwane Brinson, Tax Administrator, <br />(919) 245 -2726 <br />PURPOSE: To discuss the project plan, current market trends and statistics, current economic <br />indicators, and potential impacts as they relate to the 2017 countywide revaluation. <br />BACKGROUND: The Orange County Tax Administrator's Office conducted property tax <br />revaluations in 2005 and 2009. Current tax assessments still reflect market value as of January <br />1, 2009. With a four -year revaluation cycle, the next revaluation would have occurred in 2013. <br />However, at its May 15, 2012 regular meeting, the Board of County Commissioners (BOCC) <br />received a presentation from the Tax Administrator recommending postponing the 2013 <br />revaluation to 2015. The BOCC subsequently approved a resolution (Attachment 2) to accept <br />this recommendation and delay the revaluation to 2015. <br />Similarly, at its May 7, 2013 regular meeting, the BOCC received a presentation from the Tax <br />Administrator recommending further postponing the next countywide revaluation until 2017. <br />The BOCC approved a resolution to delay the revaluation to 2017 (Attachment 3). <br />FINANCIAL IMPACT: None <br />RECOMMENDATION(S): The Manager recommends that the Board receive the report on <br />Orange County's 2017 countywide revaluation of real property. <br />