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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: December 3, 2001 <br />Actlpn Agentl <br />' Ifem Np. ~~_ <br />SUBJECT: Pro perty Value Changes <br /> <br />DEPARTMENT: Assessors Office PUBLIC HEARING: (Y/N) Np <br />ATTACHMENT(S): INFORMATION CONTACT: <br />John Smith, ext. 2101 <br />Resolution <br />Spreadsheet TELEPHONE NUMBERS: <br />Hillsborough ]32-8181 <br />Chapel Nill 9884501 <br />Durham 888-71]1 <br />Mebane 338-22]-2031 <br />PURPOSE: To consider approving value changes made in property values after the 2001 <br />Board of Equalsation and Review has edjoumad. <br />BACKGROUND: North Carolina General Statute 705-325(a) provitles in pert the[ "After [he <br />boats of equalisation and review has finiahetl its work and the changes fl affectetl or ortlered <br />have bean entered on [he abstracts and lax recoNS as requiretl by G.S. f 0&323, the boeN of <br />county commissioners shall have the authorhy to make changes on the abstrect antl tax <br />recoNa:' This section fuller enumerates the circumstances under which a board of <br />commissioners can make valuation changes. <br />The Omnge County BoeM of Equalization antl Review adjourned on July 26, 2007. Since that <br />time, stafr has itlentifletl a number of changes to the values of specific properties which can and <br />shcultl be made, in acwNance with the statutory provisions. <br />FINANCIAL IMPACT: Approval of these changes will decrease assessed value by$1,040,692 <br />for 2001. This will result in a net decrease in revenue pf $13,098 2] to Me County, <br />municipalities, antl special tlistricts. <br />RECOMMENDATION(S): The County Manager recommends Mat the Bpartl adopt the <br />resolution approving the adached value changes. <br />