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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 1, 2003 <br />Action Agenda <br />Item No. -,~. <br />SUBJECT: P <br />Value Changes <br />DEPARTMENT: Assessor's Office <br />PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Resolution <br />Spreadsheet <br />INFORMATION CONTACT: <br />John Smith, ext. 2101 <br />TELEPHONE NUMBERS: <br />Hillsborough <br />Chapel Hill <br />Durham <br />Mebane <br />732-8181 <br />968-4501 <br />688-7331 <br />336-227-2031 <br />PURPOSE: To consider approving value changes made in property values after the 2003 <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 26, 2003. Since that <br />time, staff has identified the need to change values as indicated on the attached spreadsheet, <br />in accordance with the statutory provisions. <br />FINANCIAL IMPACT: Approval of this change will decrease assessed value by $1,299,720 <br />for 2003. This will result in a net decrease in revenue of $13,120.11 to the County, <br />municipalities, and special districts. <br />RECOMMENDATION(S): The County Manager recommends that the Board adopt the <br />resolution approving the attached value changes. <br />