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<br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 7, 2001 <br />Action Agenda <br />Item No. <br />SUBJECT: Property Value Changes <br />DEPARTMENT: Assessoras Office PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />John Smith, ext 2101 <br />Resolution <br />Spreadsheet TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To consider approving value changes made in property values after the 2000 <br />Board of Equalization and Review has adjourned. <br />BACKGROUND: North Carolina General Statute 105-325(a) provides in part that "After the <br />board of equalization and review has finished its work and the changes it affected or ordered <br />have been entered on the abstracts and tax records as required by G.S. 105-323, the board of <br />county commissioners shall have the authority to make changes on the abstract and tax <br />records." This section further enumerates the circumstances under which a board of <br />commissioners can make valuation changes. <br />The largest of these releases is a Property Tax Commission appeal of the Lowes property in <br />Chapel Hill, which has just been decided in the Property Tax Commission (PTC) proceedings. <br />Two appraisals were made on this property as part of the PTC proceedings. The first indicated <br />a value of $10,600,000 and the second, a value of $11,500,000. Upon agreement by all parties <br />involved, the Property Tax Commission decided on a value of $11,000,317. According to GS <br />105-290(3), once a certified copy of the PTC order is issued, a county must correct the <br />abstracts and tax records to reflect the Commission's order. <br />FINANCIAL IMPACT: Approval of these changes will decrease assessed value by $ 3,887,796 <br />for 2000. This will result in a net decrease in revenue of $ 69,279.79 to the County, <br />municipalities, and special districts. The largest of these releases is related to a 1999 Property <br />Tax Commission appeal on the Lowes property in Chapel Hill that has just been decided. This <br />release totals $59,679.54. Staff was aware of the potential of this decision and accounted for it <br />in the department's annual budgetary projections. Therefore, this action will not create any <br />budgetary problems. <br />RECOMMENDATION: The County Manager recommends that the Board adopt the resolution <br />approving the attached value changes.