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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: August 19, 2008 <br />Action Agen~l~ <br />Item No. G <br />_SUBJECT: Property Value Changes <br />DEPARTMENT: Assessor's Office <br />PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Resolution <br />Spreadsheet <br />INFORMATION CONTACT: <br />John Smith, 245-2101 <br />PURPOSE: To consider approving value changes made in property values after the 2008 <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 June 11, 2008. Since that <br />time, staff has identified the need to change values as indicated on the attached spreadsheet in <br />accordance with the statutory provisions. <br />FINANCIAL IMPACT: Approval of these changes will decrease assessed value by $338,669 <br />for 2008. This will result in a net decrease in revenue of $4,840.09 to the County, <br />municipalities, and special districts. For fiscal year 2008/2009, the total net reduction in <br />revenues is $4,840.09. <br />RECOMMENDATION(S): The Manager recommends that the Board adopt the resolution <br />approving the attached value changes. <br />