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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 3, 2006 <br />Action Agenda <br />Item No. ,.~~ ~C <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 seven (7) <br />requests for property tax releases. <br />BACKGROUND: The Assessor's Office is requesting approval to release property values <br />related to seven (7) requests for property tax release. (see .explanations on attached <br />spreadsheet). General .Statute 105-381(b), "Action of Governing Body" provides that "upon <br />receiving a taxpayer's written statement of defense and request for release or refund, the <br />governing body of the Taxing Unit shall within 90 days after receipt of such a request determine <br />whether the taxpayer has a valid defense to the tax imposed or any part thereof and shall either <br />release or refund that portion of the amount that is determined to be in excess of. the correct <br />liability or notify the taxpayer in writing that no release or refund will be made". North Carolina <br />law allows the Board to approve property tax releases for the current and four previous fiscal <br />years. <br />FINANCIAL IMPACT: Approval of the first six (6) listed releases will result in a net reduction in <br />revenue of $5,921.67 to the County, municipalities and fire districts. Approval of the US GT PLC <br />release will result in reduction in revenue of $28,816.16 to the Downtown Revitalization District <br />only. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the attached <br />resolution approving seven (7) property tax release requests in accordance with N.C. General <br />Statute 105-381. <br />