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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: November 6, 2002 <br /> Action Agenda <br /> Item No. <br /> SUBJECT: Property Value Changes <br /> DEPARTMENT: Assessor's Office PUBLIC HEARING: (YIN) No <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> John Smith, ext. 2101 <br /> Resolution <br /> 10/31/02 Memo with Spreadsheet TELEPHONE NUMBERS: <br /> Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Durham 688-7331 <br /> Mebane 336-227-2031 <br /> PURPOSE: To consider approving value changes made in property values after the 2002 <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 20, 2002. 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 these changes will decrease assessed value by $1,154,049 <br /> for 2002. This will result in a net decrease in revenue of$16,762.56 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 change. <br />