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ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agdias <br /> Item No. <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: MARCH 24, 1987 <br /> SUBJECT: REAL ESTATE TRANSFER TAX--PUBLIC HEARING DATE <br /> DEPARTMENT: COUNTY MANAGER PUBLIC HEARING: Yes X No <br /> ATTACHMENT(S) : INFORMATION CONTACT: MANAGER'S <br /> OFFICE,X501 <br /> SENATE BILL- _ <br /> TELEPHONE NUMBER: <br /> Hillsborough - 732-8181 <br /> Chapel Hill - 968-4501 <br /> Mebane - 227-2031 <br /> Durham - 688-7331 <br /> PURPOSE: To establish a date to conduct a hearing on the tax. <br /> BACKGROUND: A real estate transfer tax is one of several revenue options <br /> under consideration by counties and towns to fund capital <br /> projects whose need has been brought about by the impacts of <br /> rapid growth. Dare, Camden, Chowan and Carrituck implemented <br /> the tax in former years. Two others (Perquimans and <br /> Pasquotank) have announced thus far their intent to seek <br /> enabling legislation in the 1987 session of the General <br /> Assembly. Separate from this thrust the Local Government <br /> Finance Committee has recommended a bill to make the tax <br /> available to all counties in the State effective for fiscal <br /> year 1987-88. <br /> The tax is an excise tax on instruments conveying certain <br /> interests in real property. Where levied it has been imposed <br /> as an amount not to exceed one dollar on each one hundred <br /> dollars or fraction thereof of the total consideration or <br /> value of the interest conveyed. <br /> What it would mean in revenue to Orange County would depend on <br /> the extent that property value is conveyed in a given year. <br /> Data, based on past transfers together with possible distri- <br /> bution approaches with the towns of Orange County, will be <br /> compiled should the Board decide to conduct a hearing on the <br /> matter. <br /> Ratified bills for Dare and Camden counties are attached for <br /> information. <br /> RECOMMENDATION(S) : <br /> As the Board decides. <br />