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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 3, 2000 <br />Action Agenda <br />Item No. _ ~- b . <br />SUBJECT: Proms Value Changes ~ T <br />DEPARTMENT: Assessor's Office PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />John Smith, ext 2101 <br />Resolution $~ <br />Spreadsheet TELEPHONE N <br />Hillsborough <br />Chapel Hill <br />Durham <br />Mebane <br />UMBERS: <br />732-8181 <br />968-4501 <br />688-7331 <br />336-227-2031 <br />PURPOSE: To consider approving value changes made in property values after the 2000 <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 May 25, 2000. Since that <br />time, staff have identified a number of changes to the values of specific properties which can <br />and should be made, in accordance with the statutory provisions. <br />FINANCIAL IMPACT: Approval of these changes will decrease assessed value by $55,121 <br />for 2000. This will result in a net increase in revenue of $ 2,141 to the County, municipalities, <br />and special districts. (There is a net increase in revenue due to the impact of the higher tax <br />rates which in this case have more than offset the decrease in valuation). <br />RECOMMENDATION: The County Manager recommends that the Board adopt the resolution <br />approving the attached value changes. <br />