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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 20, 2007 <br />Action Agenda <br />Item No. <br />SUBJECT: Property Tax Releases <br />DEPARTMENT: Assessor's Office PUBLIC HEARING: (Y/N) 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 property values related to four (4) <br />requests for property tax release. <br />BACKGROUND: The Assessor's Office is requesting approval to release property values <br />related to four (4) requests for property tax release. (see explanations on attached <br />spreadsheet). Three of the releases have no "financial impact" since they are releases of Land <br />Use deferred tax bills requested by an attorney in error. These bills were put in the tax levy to <br />cover the three years of back taxes plus interest that have to be paid when land in the "Land <br />Use Program" comes out of the program. Back taxes and interest being released under the <br />name of Andrew B Lloyd Jr. total $30,606.93. These deferred tax bills artificially expanded the <br />tax levy since they should not have ever been part of the tax levy. Release of these deferred <br />bills is equivalent to an accounting process that allows the levy to return to its proper level and <br />therefore the listed financial impact is "$0.00". General Statute 105-381(b), "Action of Governing <br />Body" provides that "upon receiving a taxpayer's written statement of defense and request for <br />release or refund, the governing body of the Taxing Unit shall within 90 days after receipt of <br />such a request determine whether the taxpayer has a valid defense to the tax imposed or any <br />part thereof and shall either release or refund that portion of the amount that is determined to be <br />in excess of the correct liability or notify the taxpayer in writing that no release or refund will be <br />made". North Carolina law allows the Board to approve property tax releases for the current <br />and four previous fiscal years. <br />FINANCIAL IMPACT: Approval of this change will result in a net reduction in revenue of $58.46 <br />to the County, municipalities, and special districts. For fiscal year 2006/2007, the total net <br />reduction in revenues is $13,067.79. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the attached <br />resolution approving four (4) property tax release requests in accordance with N.C. General <br />Statute 105-381.