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• <br /> 1bssO Q r home for the fire district would amount to $ 40.00. <br /> Based on 79 lots, the" net loss to the fire district would be <br /> $3,160. <br /> General statutes controlling annexation by municipal <br /> action provide a basis for mitigating such losses. Basically, <br /> the following provisions would apply if either Carrboro or Chapel <br /> Hill annexed Homestead Highlands by municipal action: <br /> 1 . The municipality ,may contract with the fire district <br /> to provide fire protection service for a period of five. <br /> years and offer to pay annually for the life of the <br /> contract. The amount of the payment is based on the <br /> proportion of the city tax rate to be expended for fire <br /> protection times the property valuation in the area, not <br /> to exceed $.15 per $100 valuation. <br /> 2. If the municipality does not contract with the fire <br /> service district, or the fire service district ceases to <br /> provide service under contract, the municipality • shall <br /> pay annually a proportionate share of any payments due on <br /> any debt related to facilities and equipment if the debt <br /> was existing at the time of adoption of the resolution of <br /> intent. Payments will be in the same proportion that the <br /> assessed valuation of the area annexed bears to the <br /> assessed valuation of the entire fire district. <br /> Concerns regarding loss of revenue would thus be addressed <br /> if annexation occurred as a result of municipal action. However, <br /> such circumstances would not prevail if annexation occurred as a <br /> result of satellite annexation by petition of the owner. For <br /> property owners, some easing of the tax situation may be <br /> accomplished through prorating of taxes or through the <br /> municipality setting the effective date of annexation such that. <br /> taxing by a fire district and a municipality would not overlap. <br /> In the latter case, this could be accomplished by setting the <br /> effective date after September 1 and before the following July 1 . <br /> Taxes in such circumstances would be payable on the first day of <br /> September of the next succeeding fiscal year. Prorating of taxes <br /> is based on the number of months remaining in the fiscal year <br /> following the effective date of annexation. <br />