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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: September 19, 2000 <br />Action Agenda <br />Item No. - <br />SUBJECT: 2001 Revaluation -Schedule of Values <br />DEPARTMENT: Assessor's Office PUBLIC HEARING: (Y/N) YES <br />ATTACHMENT(S): None INFORNiATION CONTACT: <br />John Smith, ext 2101 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To conduct a public hearing on the schedule of values for the 2001 real property <br />revaluation. <br />BACKGROUND: At its last meeting an August 15, 2000, the Orange County Board of <br />Commissioners scheduled a public hearing for September 19, 2000 on the schedule of values <br />for the 2001 revaluation. The schedule of values, standards, and rules will be used to appraise <br />all real property in Orange County for the January 1, 2001 revaluation, and throughout the <br />period until a subsequent revaluation (scheduled for January 1, 2005) is conducted. The <br />schedule of values covers all components of real property that contributes to its value -both <br />land and improvements to that land. <br />The Norkh Carolina General Statutes require that the Board of Commissioners conduct a public <br />hearing on the schec#uJe of values at least seven days before formal adoption of the schedule of <br />values. Adoption is scheduled for the October 3, 2000 regular meeting of the Board of <br />Commissioners. A copy of the schedule of values is available for review in the County <br />Assessor's Office. Before the public hearing, staff will make a brief presentation regarding the <br />overall revaluation process, including the nature and use of the schedule of values. <br />FINANCIAL IMPACT: There is no direct financial impact associated with the conduct of this <br />public hearing. However, the schedule of values that is ultimately adopted will provide the <br />framework far the establishment of all real property values in Orange County for the next four <br />years. That will have a direct bearing on the ad valorem tax rates that will be established by the <br />Board each fiscal year to provide the revenue needed to sustain County programs and services. <br />RECOMMENDATION: The Manager recommends_ that the Board conduct the public hearing as <br />scheduled. <br />