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2 <br /> Additional Information: <br /> • Currently 913 properties in Orange County are receiving the Homestead Exemption or <br /> another type of low-income assistance. <br /> • The Tax Office found 20,009 owner-occupied residential properties in Orange County that <br /> have been owned for 5 or more years who will likely have an increase in the County portion <br /> of the tax bill as compared to their 2020 tax bills (base year). <br /> • In comparison, the Tax Office previously identified 9,704 residential properties that have <br /> been owned for 10 or more years. <br /> 1. Institute a baseline minimum award amount: The award amount would be equal to the <br /> difference between the County Tax portion of the 2020 tax bill and the estimated 2022 tax bill, <br /> with a minimum award amount of $300 (note that the average award amount for 2021 was <br /> roughly $190). <br /> • For the 20,009 residential properties owned for 5+ years who will have increases in the <br /> County portion of their 2022 tax bill, the average County tax portion is $2,954. <br /> • The tax increases range from $0.01 to $8,940.92 <br /> • 17,044 have an estimated increase of under $300 (average $110) <br /> • For the remaining 2,935, the average increase is $569 and the total increase for all 2,935 <br /> is $1,670,143. <br /> • Using income data from the American Community Survey (ACS) 5-Year Estimates Data <br /> Profiles and an owner-occupied rate of 63.8% per the 2020 Consolidated Plan, staff <br /> estimate the following number of households at the Area Median Income levels: <br /> Estimated owner- <br /> occupied <br /> Income level households in OC <br /> Over 80%AMI 9,984 <br /> 61-80%AMI 3,181 <br /> 31-60%AMI 3,622 <br /> 30%AMI and under 3,241 <br /> TOTAL 80%AMI and below 10,045 <br /> • Using the ACS data for household numbers and owner-occupied rate leads to a slight <br /> difference in the total number of households compared with Tax Office data —the ACS total <br /> households is 20,029 compared with the Tax Office actual total of 20,009. <br /> • The total liability (100% participation)for instituting a $300 minimum for 10,045 households <br /> would be $3,013,355. <br /> • Program costs decrease as participation decreases: <br /> Total Liability <br /> (100% 25% 50% 75% <br /> participation) participation participation participation <br /> $300 minimum $ 3,013,355 $ 753,339 $ 1,506,678 $ 2,260,017 <br /> 2. Awards cover half of total tax bill: Award would cover half of total tax bill for homeowners <br /> earning 80% AMI or under, up to these total amounts: <br /> $500 for households with incomes <_ 61- 80% AMI <br /> $750 for households with incomes <_ 31- 60% AMI <br />