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40 <br /> Slide #20 <br /> FY 2025-26 Revenue Assumptions <br /> PROPERTY TAX RATE <br /> County is required to publish but not adopt a"Revenue Neutral Rate" <br /> - The tax rate that would be required to raise the same amount of revenue as the previous year,plus an allowance for <br /> average natural growth rate. <br /> - Current tax rate -0.8629 cents per$100 of value <br /> Revenue neutral rate will drop to approximately 0.64 cents <br /> - Property Tax Base X tax Rate=Property Tax Collections <br /> 2.36% Natural Growth =$4.7 Million <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> Commissioner Carter asked how natural growth is calculated. <br /> Travis Myren said natural growth is based on the previous three years of actual growth in <br /> the tax base. <br /> Commissioner Carter asked if the natural growth calculation would take the revaluation <br /> into account at some point. <br /> Kirk Vaughn said revaluation years are not used to establish natural growth rate, so the <br /> 3 years prior to the revaluation would be used in future calculations. <br /> Vice-Chair Hamilton said it is possible that revenue neutral rate could be different <br /> depending on the results of the revaluation. <br /> Travis Myren said staff is confident in the projection, but the tax base is established in <br /> January each year and that is what will be used in the budget. <br />