Agenda - 09-02-2008 - 4c - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: September 2, 2008 Action Agen a Item No. -~ SUBJECT: Property Tax Release DEPARTMENT: Assessor's Office PUBLIC HEARING: (Y/N) No ATTACHMENT(S): Resolution Spreadsheet INFORMATION CONTACT: John Smith, 245-2101 PURPOSE: To consider adoption of a resolution to release property value related to one (1) request for property tax release. BACKGROUND: The Assessor's Office is requesting approval to release property value related to one (1) request for property tax release. (see explanations on attached spreadsheet). General Statute 105-381(b), "Action of Governing Body" provides that "upon receiving a taxpayer's written statement of defense and request for release or refund, the governing body of the Taxing Unit shall within 90 days after receipt of such a request determine whether the taxpayer has a valid defense to the tax imposed or any part thereof and shall either release or refund that portion of the amount that is determined to be in excess of the correct liability or notify the taxpayer in writing that no release or refund will be made". North Carolina law allows the Board to approve property tax releases for the current and four previous fiscal years. FINANCIAL IMPACT: Approval of this change will result in a net reduction in revenue of $66,650.99 to the County, municipalities, and special districts for the 2007-2008 fiscal year. The approval of this release will bring the total net reduction for the 2007-2008 fiscal year to 161,319.03. For fiscal year 2008-2009, the total net reduction in revenues is $521.66. The Tax Assessor recognized that releases and Property Tax Commission decisions can impact the budget and accounts for these in the annual budget projections. RECOMMENDATION(S): The Manager recommends that the Board approve the attached resolution approving one (1) property tax release request in accordance with N.C. General Statute 105-381.