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41 <br /> Slide#21 <br /> Impact of the Revaluation on Individual Property Owners <br /> Interaction between increased value and tax rate decrease <br /> �FY2024-25 Tax -_ <br /> v. Change <br /> Rate Neu �Laialbility y <br /> Pre-Revaluation $ 400,000 0.8629$ 3,452 Post Revaluation Value $ 450,000 0,64 $ 2,880 $(572) <br /> Value <br /> Pre-Revaluation <br /> Value $ 400,000 0.8629$ 3,452 Post Revaluation Value $ 600,000 0.64 $ 3,840 $ 388 <br /> ORANGE COUNTY <br /> 21 NORTH CAROLINA <br /> Commissioner McKee said this is a catch 22 on a lot of "lower cost" housing that exist <br /> around urban areas. He said West Hillsborough is a prime example. He said these folks are <br /> usually lower income or on fixed income and have a large jump in their tax value. He said this <br /> happened after the last revaluation in Northside and other areas around the County. <br /> Chair Bedford shared that a listsery email was sent out yesterday from Community <br /> Relations with the timeline for tax notices and the appeals period. <br /> Travis Myren said home values alone are estimated to increase around 50-60%. <br /> Slide #22 <br /> FY 2025-26 Revenue Assumptions <br /> PROPERTY TAX REVENUE PROJECTION <br /> Allowance for average natural growth above revenue neutral collections-2.36%or$4.7 Million <br /> No Change in Collections 99.2%for Property, 99.6%for Vehicles <br /> Total property tax revenue estimated to be$204 Million for FY2025-26 budget model <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br />