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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: Januaryi6, 2002 <br />Action <br />IAgenda <br />tem N$6 <br />SUBJECT Pro perty Value Changes <br />DEPARTMENT: Assessor's Offwe PUBLIC HEARING: (YIN) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />John Smith, ext. 2101 <br />Resolution <br />Spreadsheet TELEPHONE NUMBERS: <br />Hillsborough ]3243181 <br />Chapel Hill 9684501 <br />Durham 688.7331 <br />Mebane 336-227-2031 <br />PURPOSE: To consider approving value changes made in property values after the 2001 <br />Board of Equalization and Review has Abroad <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 />board of <br />have been entered on the abstracts and tax records as required by G.S. 105-323, the 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 Orange County Board of Equalization and Review adjourned on July 26, 2001. Since that <br />time, staff has identified a number of changes to the values of specific properties which can and <br />should be made, in accordance with the statutory provisions. <br />Many of the changes listed on the spreadsheet are due to North Carolina Property Tax <br />commission decisions. These new values are based on further clarifications of details that <br />affect value and are made after extensive review and consideration of all the aspects of each <br />individual case. The Property Tax Commission representative has worked with both the county <br />and the appellant to help bath develop clear understandings of all issues related property <br />how these can impact value. After all pa rties have reached final agreement, the P Y Tax <br />Commission issues value decisions.