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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 19, 2004 <br />Action Agenda <br />Item No. _~ <br />SUBJECT: Adoption of Schedule of Values for 2005 Revaluation <br />DEPARTMENT: Assessor's Office PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): None INFORMATION 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 consider adoption of the schedule of values, standards, and rules tc be used in <br />appraising real property in Orange County effective January 1, 2005. <br />BACKGROUND: In accordance with the North Carolina General Statutes, the County Assessor <br />has previously submitted the proposed schedule of values, standards, and rules to be used in <br />appraising real property in Orange County effective January 1, 2005 and throughout the period <br />until a subsequent revaluation is conducted. Copies of this schedule of values have been made <br />available for inspection by the public in the Assessor's Office, The Board conducted the <br />required public hearing on the schedule of values at the October 5, 2004 regular meeting, <br />State statutes require that notice of the Board's order approving the schedule of values be <br />published once a week for four successive weeks with the last publication being not less than <br />seven days before the last day for challenging the validity of the schedules, standards, and <br />rules by appeal to the Property Tax Commission. Property owners who feel that the schedule is <br />invalid have 30 days within which to appeal from the first date of publication of the notice of the <br />order approving the final schedule of values, If there are no appeals to the adopted schedule of <br />values, the Assessor will be prepared to send out 2005 valuation notices to real property <br />owners by late December, <br />FINANCIAL IMPACT: Funds to cover the cost of the statutorily required multiple <br />advertisements is available in the County's FY 2004-05 operating budget, <br />RECOMMENDATION(S): The Manager recommends that the Board approve the final <br />schedule of values, standards, and rules, and direct the Assessor to observe all statutory <br />requirements related to public notice about the schedule of values, <br />