Agenda - 06-17-2003-8e - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: June 17, 2003 Action Agenda Item No. ~_ SUBJECT• Property Tax Release DEPARTMENT: Assessor's Office PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: John Smith, ext. 2101 Resolution Property Tax Release Requests TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 336-227-2031 PURPOSE: To consider adoption of a resolution to release property values related to two (2) requests for property tax release. BACKGROUND: The Assessor's Office has received requests from Centex Homes and Andrew Joseph etux Jane Van Denend for release of property taxes assessed in the prior fiscal year. General Statute 105-381(b), "Action of Governing Body" provides that "upon receiving a taxpayer's written statement of defense and request for release or refund, the governing body of the Taxing Unit shall within 90 days after receipt of such a request determine whether the taxpayer has a valid defense to the tax imposed or any part thereof and shall either release or refund that portion of the amount that is determined to be in excess of the correct liability or notify the taxpayer in writing that no release or refund will be made". North Carolina law allows the Board to approve property tax releases for the current and four previous fiscal years. Release of 2002 property valuation for Centex Homes from $34,072 to $1 is appropriate because the land was taxed at market value but should have been valued as common property. The Andrew Joseph etux Jane Van Denend release from $296,996 to $65,571 is appropriate because improvements were taxed at 100% complete, but should have been taxed at 10% complete (foundation only). FINANCIAL IMPACT: Approval of these changes will result in a net reduction in revenue of $2,628.71 to the County, municipalities, and special districts. RECOMMENDATION(S): The Manager recommends that the Board approve the attached resolution approving two (2) property tax release requests in accordance with N.C. General Statute 105-381.