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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: December 5, 2005 <br />Action Agenda <br />Item No. ~5- e, <br />SUBJECT: Property Value Changes <br />DEPARTMENT: Assessor's Office PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Resolution <br />Spreadsheet <br />INFORMATION CONTACT: <br />John Smith, 24.5-2101 <br />PURPOSE: To consider approving value changes made in property values after the 2005 <br />Board of Equalization and Review has adjourned, <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 />have been entered on the abstracts and tax records as required by G.S. 105-323, the board of <br />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 June 29, 2005. Since that <br />time, staff has identified the need to change values as indicated on the attached spreadsheet in <br />accordance with the statutory provisions. <br />FINANCIAL IMPACT: Approval of these changes will decrease assessed value by $1,752,217 <br />for 2005. This will result in a net decrease in revenue of $20,883.34 to the County, <br />municipalities, and special districts. <br />RECOMMENDATION(S): The Manager recommends that the Board adopt the resolution <br />approving the attached value changes. <br />