Agenda - 08-22-2006-5f - Laserfiche WebLink

Browse Search

ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: August 22, 2006 Action Agenda Item No. 5""•~ SUBJECT: Property Value Changes DEPARTMENT: Assessor's Office PUBLIC HEARING: (YIN) No ATTACHMENT(S): Resolution Spreadsheet INFORMATION CONTACT: .John Smith, 245-2101 PURPOSE: To consider approving value changes made in property values after the 2006 Board of Equalization and Review has adjourned. BACKGROUND: North Carolina General Statute 105-325(a) provides in part that "After the board of equalization and review has finished its work and the changes it affected or ordered have been entered on the abstracts and tax records as required by G.S. 105-323, the board of county commissioners shall have the authority to make changes on the abstract and tax records." This section further enumerates the circumstances under which a board of commissioners can make valuation changes. The Orange County Board of Equalization and Review adjourned on June 14, 2006. Since that time, staff has identified the need to change values as indicated on the attached spreadsheet in accordance with the statutory provisions. FINANCIAL IMPACT: Approval of these changes will decrease assessed value by $4,283,651 for 2006, This will result in a net decrease in revenue of $68,442.87 to the County, municipalities, and special districts. Of the $68,442.87 in lost revenue to the county and special districts, $66,873.90 was due to a settlement reached between the Assessor's Office, working with a Property Tax Specialist from the Department of Revenue and the property owner/agent, Once an appeal is filed with the Property Tax Commission, a representative from the Department of Revenue meets with both parties to see if a settlement can be reached. If a settlement is reached, the value is amended without appearing before the Property Tax Commission. A value is amended after the Assessor's Office receives a consent order from the Department of Revenue. RECOMMENDATION(S): The Manager recommends that the Board adapt the resolution approving the attached value changes.