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T <br />d <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />Action Agenda <br />Item No. I- <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: January 18, 2000 <br />SUBJECT: Property Value Changes <br />------------------------------------------------------------------------------------------------------------ <br />DEPARTMENT: Assessor's Office PUBLIC HEARING: YES NO X <br />ATTACHMENT(S): <br />Value Change Resolution <br />Spreadsheet <br />INFORMATION CONTACT: <br />John Smith, Jr., ext 2101 <br />TELEPHONE NUMBER <br />Hillsborough 732-8181 <br />Chapel Hill 9684501 <br />Mebane 227-2031 <br />Durham 688-7331 <br />------------------------------------------------------------------------------------------------------------- <br />PURPOSE: To consider approving value changes made in property values for 1999 after <br />the 1999 Board of Equalization and Review has adjourned. <br />BACKGROUND: North Carolina General Statute 105-325(a) provides in part that <br />"After the board of equalization and review has finished its work and the changes it <br />affected or ordered have been entered on the abstracts and tax records as required by G.S. <br />105-323, the board of county commissioners shall have the authority to make changes on <br />the, abstract and tax records." This section enumerates the circumstances under which a <br />board of commissioners can make valuation changes. <br />The Orange County Board of Equalization and Review adjourned on June 17, 1999. <br />Since that time, staff have identified a number of changes to the values of specific <br />properties which can and should be made, in accordance with the statutory provisions. <br />Those changes are summarized in the attached spreadsheet. <br />FINANCIAL IMPACT: Approval of these changes will reduce assessed value by <br />$491,645 for 1999. This will result in a net reduction in revenue of $5,274 to the County, <br />municipalities, and special districts. <br />RECOMMENDATION: The Manager recommends that the Board adopt the resolution <br />approving the attached value changes.