Agenda - 02-18-2002 - 2 - Laserfiche WebLink

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6 The 10252 acre firmament campus of Carol Woods,tract 709834 prourninadly appears ro fme 0ation of al hath ce acife dd lficelms or 10%exemp l el care facilities, a equipment, nand wi NCMCC bonds. For Carol Woods,this exemption would be effective for the 2002-2003 budget year and potentially w0uld exempt approximately 70%of Me$33,449,550 Its value. This tract also qualifies for a partial exemption under N.C.G.S. 105-278 GA. Based on preliminary review of audited financial reports,and their application, Cartl Woods appears to be pr itletl to a maximum 40%exemption on all property used In the operation of the retirement facility. In combination,the Mro$futures potentially will exempt between 88%and 100%of the taxable value M all real and business personal property aesocis ed with this trod. Based on the 2001 lax btu and tax rates,the Impact could be revenue losses of • Orange County-$246,530.36 to $280,148.14 • Chapel Hill-$154,34945 to 5175,39710 • Chapel Hill-Canboro Schools-$61,862.28 to$70,298.04 The total tax Iiabllily for Carol Woods,on this tract could drop from$525,643.28 to between zero and$63,100. The 16-acre other, tract 727795,was gifted to the retirement center In 1989 and has never been subject to bond financing and therefore can not be exempted under N.C.G.S. 131A-21. The 106 278G application describes this shut as being used as a buffer. This Is not an exempted use under 105-278.6A. Preliminarily, it appears that band 727795 will not qualify for exemption and will continue M be taxable This preliminary assessment Is subject to further review by the Assessor's Office and the County AHOmey. It may be product in the meantime to emceed with an assumption of full potential of loss will all the issues are settled and final numbers can be generated If we proceed for now she that conservative assumption and estimate losses of all revenues associated with both tracts 709834 and 727795, Oe total assumed loss (based on 2001 tax rates)for Orange County would be$284,087.01 and for all jurisdictions combined would be$531,015.19.