Orange County NC Website
Browse       Search
573 <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 /> Orange County <br /> 6% <br /> 13% <br /> ❑Residential <br /> ❑Commercial <br /> ❑Apartments <br /> 81% <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 /> 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 /> 23 <br />