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Agenda 02-20-24; 8-a - Minutes
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Agenda 02-20-24; 8-a - Minutes
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2/20/2024
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8-a
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36 <br /> 1 Commissioner Richards asked Travis Myren to explain how the impact of a revaluation <br /> 2 would play into this. <br /> 3 <br /> 4 Slide #13 <br /> Revaluation and Redistribution of Tax Responsibility <br /> • The revaluation will bring the assessed value of all property in the County up to current <br /> market rates. <br /> — The new assessed values will redistribute tax liability among property owners based on the new values. <br /> — An increase in value does not necessarily mean an increase in the amount of tax paid any individual property <br /> owner- <br /> - Increases or decreases from pre-revaluation property tax bills are determined by how a subject property value <br /> grows relative to other properties. <br /> Countywide Assessed Tax Rate per Property Tax Assessed Tax Rate per Property Tax <br /> I Value ii r0Value Revenue <br /> Pre-Renal $23.23 billion 0.8353 $194.01 million Pre-Reval $350,000 0.8353 $2,923 <br /> Post-Reval $35.04 billion 0,5537 $194.01 million Post-Reval @ 50.84% $527,940 0.5537 $2.923 <br /> 50.84% Post Reval @ 25% $437,500 0.5537 $2,422 <br /> increase <br /> Post Reval @ 65% $577,500 0.5537 $3,197 <br /> ORANGE COUNTY <br /> 13 NnRTi-I CAROLINA <br /> 5 <br /> 6 Travis Myren skipped ahead to slide #13 after slide #10 in response to Commissioner <br /> 7 Richards's question. Travis Myren explained that after a revaluation, the assessed value goes up <br /> 8 and the revenue neutral tax rate comes way down to produce the same amount of property tax <br /> 9 revenue. He said that same analysis carries forward to the individual homeowner. He explained <br /> 10 that if the individual value of a home increases at a rate that matches the overall percentage <br /> 11 increase of the countywide assessed value, the homeowner will not see a property tax increase <br /> 12 post-revaluation at the revenue neutral tax rate. However, if the individual property value <br /> 13 increases more than the percentage increase of the countywide assessed value the homeowner's <br /> 14 property taxes will increase even at the revenue neutral tax rate. Travis Myren said that <br /> 15 Commissioner Richards revaluation itself will not increase tax revenue, and the question is what <br /> 16 amount on top of the revenue neutral tax rate would be required to pay the debt service on the <br /> 17 bond. <br /> 18 The Board discussed the impact on the Northside community during the last revaluation <br /> 19 and the potential impact of future tax increases to Orange County residents following future <br /> 20 revaluations. <br /> 21 Commissioner Richards asked what others think a palatable tax increase would be. <br /> 22 Commissioner Hamilton said the bond will go to the residents on a ballot to decide. She <br /> 23 said they will be given the information on the tax implications and the Bond Education Committee <br /> 24 will educate them and they will have the opportunity to give feedback. She said the Board has <br /> 25 already received emails in support of a bond. She said the focus for her is that the Board knows <br /> 26 the needs and needs to choose a plan that will address them--she said she personally supports <br /> 27 option H + B. She added that the rest is up to the democratic process. <br /> 28 Commissioner Fowler said she would like to go with Option H. She said it provides much <br /> 29 needed funds and is realistic to get done, but also provides flexibility if needed and ensures the <br /> 30 county keeps a good bond rating. <br />
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