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<br />23 <br /> <br />8.6 Who are the major taxpayers supporting Orange County’s property tax base and why is <br />commercial development important? <br /> The property tax base profile for Orange County, which generates 75% of annual County revenues, is <br />largely comprised on residential homeowner property valuation, who carry 80%-84% of that <br />portion. Shifting a larger portion of the overall property tax base to more non-residential taxpayers <br />(commercial, industrial, and retail) provides for a more resilient and diverse tax base and revenue <br />structure. <br /> <br /> The County has designated three Economic Development Districts (EDDs) intended for non- <br />residential growth. Along with helping to further balance the residential/non-residential tax base, <br />the growth intended to occur within these designated economic development areas would provide <br />for stable job opportunities at varying skill levels, salaries at the County’s living wage and above, <br />with benefits, and additional property tax base. <br /> <br />8.7 What has the COVID-19 pandemic’s impact been on Orange County’s economy? <br /> Orange County’s traditionally low unemployment rate, which stood at 2.9% in March 2020, tripled <br />3-fold due to the COVID pandemic, reaching a high of 9.0 % in May, with 6,473 Orange County <br />residents since filing with the State of N.C. for unemployment insurance. The number has begun to <br />come back down with June, the latest month available, at 6.0%. <br /> The immediate and long-term financial challenges to Orange County’s budget, as a result of the <br />COVID pandemic, has negatively resulted in a decline in the County’s (and our Towns’) revenues and <br />support of vital community services. As the local economy in our largest Towns is predominately <br />clustered among businesses that serve the University student population and tourism (retail, <br />restaurants, hotels) which are all facing the largest financial challenge due to the COVID pandemic <br />shutdown, our continued high unemployment rate, revenue shortfalls, and overall economic <br />recovery effort is likely to be very protracted. <br /> Operations by Research Triangle Logistics Park tenants can attract additional suppliers and vendors, <br />and increase the demand for hotel and dining services (and the resulting new jobs, property tax <br />valuation, and retail sales tax revenue) in the area. This will strengthen the local economy in Orange <br />County and the Town of Hillsborough. <br /> <br /> <br />81% <br />13% <br />6% <br />Orange County <br />Residential <br />Commercial <br />Apartments <br />573