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IAMEM <br /> ORANGE COUNTY 003 <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No.144a <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: APRIL 6, 1987 <br /> SUBJECT: REAL ESTATE TRANSFER TAX <br /> DEPARTMENT: COUNTY MANAGER PUBLIC HEARING: X Yes No <br /> ATTACHMENT(S) : INFORMATION CONTACT: MANAGER'S <br /> OFFICE,X501 <br /> TELEPHONE NUMBER: <br /> Hillsborough - 732-8181 <br /> Chapel Hill - 968-4501 <br /> Mebane - 227-2031 <br /> Durham - 688-7331 <br /> PURPOSE: 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. Three others (Perquimans, Pasquotank <br /> and the City of Raleigh) have announced 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 is attached showing what the proceeds would have been in <br /> 1985-86 had the tax been in effect. It also shows what the <br /> distribution would have been using point of origin and per <br /> capita approaches. <br /> Ratified bills for Dare and Camden counties are attached for <br /> information. <br /> RECOMMENDATION(S) : <br />