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5 <br /> MEMORANDUM <br /> TO: Orange County Board of Commissioners <br /> John Link,County Manager <br /> FROM: John Smith, County Assessor <br /> DATE: February 8, 2002 <br /> RE: Carol Woods Property Tax Exemption Request <br /> Chapel Hill Residential Retirement Center, known as Carol Woods, has made appl'loation <br /> for exemption from ad valorem taxation. The exemption requests are based on part North <br /> Carolina statutes: N.O.GS. 131A-21 and NC.G 5. 105-2786A. NC G.S. 131 A-21 <br /> provides that when bonds or notes are Issued by the Commission (North Carolina Madical <br /> Care Commission)to provide or improve a health care facility,then until the bonds or <br /> notes are retired, the fa lity for which bonds or notes are issued Is exempt from properly <br /> taxes as provided Carol Woods has been partially financed with NCMCO bonds and <br /> therefore can qualify for exefnption on that portion. N.GG 5. 105-2786A provides that <br /> quelfad retirement facilities providing chanty rare ands community ideal can request <br /> exemption from taxation. Based on preliminary reviews, it appears that Carol Woods will <br /> q usury for exemption from the major portion of their ad valorem tax liability. <br /> Carol Woods is located on a 102.52 acre tract identified as tract 709834, and is located In <br /> Chapel Hill on Weever Dairy Road. The 2002 tax value for the 102 plus acres and <br /> improvements totals$33449,550. The business personal property value for 2001 was <br /> $1.351.460 The 2001 tax bill on this tract totaled$525,84338 and was distnbuted as <br /> Hill: <br /> • Orange County-$280,148.14 <br /> • Town of Chapel Hill-31]5.39].10 <br /> • Chapel Hill-Canbom Schools $70,29804 <br /> In addition,there Is also a 16-acre tract, identifed as tract 72A95,that o situated between <br /> the main campus of Carol Woods and 140,which according to the application for exemption, <br /> s used as a buffer. The 2002 lax value far the 16 acre buffer Is 3489,300. The 2001 tax bill <br /> is <br /> $5,17191 and was distributed as follows: <br /> • Orange County $393887 <br /> • Chapel Hill Canadian School Clstnd -598839 <br /> • New Hope Fire Method-$244.65 <br /> Of the six properties owned by Carol Woods, only the two above are included in their <br /> applications for exemption. <br />