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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 5, 2004 <br />Action Agenda <br />Item No. g-q <br />SUBJECT: 2005 Revaluation -Schedule of Values <br />DEPARTMENT: Assessor's Office PUBLIC HEARING: (YIN) Yes <br />ATTACHMENT(S): <br />2005 Revaluation Update <br />Map -Parcels in Use Program <br />INFORMA°T'ION CONTACT: <br />John Smith, ext 2101 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To conduct a public hearing on the schedule of values for the 2005 real property <br />revaluation. <br />BACKGROUND: At its meeting on September 9, 2004, the Orange County Board of <br />Commissioners scheduled a public hearing for October 5, 2004 on the schedule of values for <br />the 2005 revaluation, The schedule of values, standards, and Hiles will be used to appraise all <br />real property in Orange County for the January 1, 2005 revaluation, and throughout the period <br />until a subsequent revaluation (scheduled for January 1, 2009) is conducted. The schedule of <br />values covers all components of real property that contributes to its value -- both land and <br />improvements to that land, <br />In accordance with the North Carolina General Statutes requiring that the Assessor shall submit <br />the proposed schedules, standards, and Hiles to the board of county commissioners not less <br />than 21 days before the meeting at which they will be considered by the board, the proposed <br />2005 schedule of values was submitted on September 9, 2004. Adoption is scheduled for the <br />October 19, 2004 regular meeting of the Board of Commissioners, A copy of the schedule of <br />values is available for review in the County Assessor's Office, <br />Staff have prepared the attached update, which generally outlines the process and reasons for <br />conducting periodic revaluations of real property, The report also points out a few important <br />statistics related to overall County valuation (for example, average increase in the range of 15- <br />25 percent since the 2001 revaluation) and the use value program (for example, about 41 <br />percent of County acreage remains in use value, which typically reflects about 6 percent of <br />market value). The County Assessor will provide a brief presentation about the revaluation <br />process and respond to Board questions before the public hearing is formally conducted, <br />