Agenda - 11-16-1999 - 8c - Laserfiche WebLink

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ORANGE COUNTY 1 BOARD OF COMMISSIONERS Action Agenda Item No. 9- C ACTION AGENDA ITEM ABSTRACT Meeting Date: November 16, 1999 SUBJECT: Property Value Changes ------------------------------------------------------------------------------------------------------------ DEPARTMENT: Assessor's Office PUBLIC HEARING: YES NO X ATTACHMENT(S): Resolution INFORMATION CONTACT: Value Change Spreadsheet John Smith, Jr., ext 2101 TELEPHONE NUMBER Hillsborough 732 -8181 Chapel Hill 968 -4501 Mebane 227 -2031 Durham 688 -7331 ------------------------------------------------------------------------------------------------------------- PURPOSE: To consider approving value changes made in property values after the 1999 Board of Equalization and Review has adjourned. BACKGROUND: North Carolina General Statute 105- 325(a) provides in part that "After the board of equalization and review has finished its work and the changes it effected or ordered have been entered on the abstracts and tax records as required by G.S. 105 -323, the board of county commissioners shall have the authority to make changes on the abstract and tax records." This section enumerates the circumstances under which a board of commissioners can make valuation changes. The Orange County Board of Equalization and Review adjourned on June 17, 1999. Since that time, staff have identified a number of changes to the values of specific properties which can and should be made, in accordance with the statutory provisions. Those changes are summarized in the attached spreadsheet. FINANCIAL IMPACT: Approval of these changes will reduce assessed value by $3,071,598 for 1999. This will result in a net reduction in revenue of $28,964.49 to the County, municipalities, and special districts. RECOMMENDATION: The Manager recommends that the Board adopt the resolution approving the attached value changes.