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ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: June 4, 2002 <br /> Action Agenda <br /> Item No. $—Q- <br /> SUBJECT: Property Value Changes <br /> DEPARTMENT: Assessors Office PUBLIC HEARING: (YIN) Ng <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> John Smith, ea. 2101 <br /> Resolution <br /> Spreadsheet TELEPHONE NUMBERS: <br /> Hillsborough 73243181 <br /> Chapel Hill 96841601 <br /> Durham 888-7331 <br /> Mebane 3364U!74031 <br /> PURPOSE: To consider approving value changes made in pmperty values after the 2001 <br /> Board of Equalization and Review has adjourned. <br /> BACKGROUND: North Carolina General Statute 105325(a) provides in part that"Afterthe <br /> board of equalization and review has finished its work and the changes it affected or ordered <br /> have been entered on the abstracts and tax records as required by G.S. 105323, the board of <br /> county commissanere shalt have the authorty in make changes on the abstract and tax <br /> rei This section former enumerates the circumstances underwhlch aboard 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 the need to change values as indicated on the attached spreadsheet, <br /> In accordance with the statutory provisions. <br /> FINANCIAL IMPACT: Approval of these changes will decrease assessed value by$204,298 <br /> for 2001. This will result in a net decrease in revenue of$2,845.70 to the County, <br /> municipalities,and special dishints. <br /> RECOMMENDATION(S): The County Manager recommends that me Boartl adopt the <br /> resolution approving the attached value change. <br />