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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: January 23, 2007 <br />Action Agenda <br />Item No. ,5--F <br />SUBJECT: Property Tax Release <br />DEPARTMENT: Assessor's Office PUBLIC HEARING: (YIN) No <br />ATTACHMENT(S): <br />Resolution <br />Spreadsheet <br />INFORMATION CONTACT: <br />John Smith, 245-2101 <br />PURPOSE: To consider adoption of a resolution to release the property value related to one (1) <br />request for property tax release. <br />BACKGROUND: The Assessor's Office is requesting approval to release property values <br />related to one (1) request for property tax release. (see explanations on attached spreadsheet). <br />General Statute 105-381(b), "Action of Governing Body" provides that "upon receiving a <br />taxpayer's written statement of defense and request for release or refund, the governing body of <br />the Taxing Unit shall within 90 days after receipt of such a request determine whether the <br />taxpayer has a valid defense to the tax imposed or any part thereof and shall either release or <br />refund that portion of the amount that is determined to be in excess of the correct liability or <br />notify the taxpayer in writing that no release or refund will be made". North Carolina law allows <br />the Board to approve property tax releases for the current and four previous fiscal years. <br />FINANCIAL IMPACT: Approval of this change will result in a net reduction in revenue of <br />$216.67 to the County, municipalities, and special districts. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the attached <br />resolution approving one (1) property tax release request in accordance with N.C. General <br />Statute 105-381.