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HomeMy WebLinkAboutAgenda - 03-24-2009GRANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: March 24, Zoo9 Action Agenda Item No. ~ SUBJECT: 2009 Revaluation and lm acts an Count 's FY 2009~~ 0 Bud et DEPARTMENT: County Manager, Tax PUBLIC HEARING: ~YIN~ No Assessor and Budget ATTACHMENT(S): Attachment ~. March ~ 1, 2009 Revaluation Analysis INFORMATION CONTACT: Laura Blackmon, (919) 245-2300 John Smith, (919) 245-2100 Donna Coffey, (919) 245-2151 Attachment 2. ~lrnpacts of Revaluation Charts Attachment 3, Comparison of 2009 Revaluation Outcomes in Other NC Counties Attachment 4. FY 2009•o Revaluation Impacts on County's FY 2909 ~o PURPOSE: For the Board to receive a report on and make decisions regarding the County's 2009 Revaluation and its potential impacts an the County's FY 2009-~ 0 budget. BACKGROUND: On March ?', 2009, the Tax Assessor presented an analysis of the 2009 Revaluation to the Board. Attachment ~ of this agenda abstract provides a copy of the presentation. Since that time staff has completed further analyses of the Revaluation process and received information from the NC Department of Revenue regarding Revaluation outcomes in other NC counties. Attachments Z and 3 provide that information. In addition, staff has also analyzed how possible BC~CC decisions regarding the Zoo9 Revaluation would impact the County's upcoming FY Zoo9-14 budget. For purposes of tonight's work session discussion, staff selected four sets of circumstances to analyze: • Scenario ~ . Real Property Values Increased Due to 2009 Revaluation, All Properties Assessed Revenue Neutral Tax bate e Scenario 2. Real Property Values increased Due tv 2409 Revaluation, Real Property Cwner~ Whose Property Increased 24°/~ or Less compared to. 2008 valuations} "Held Harmless" ® Scenario 3. Real Property Values Unchanged from 2048 Values, Property Tax Rate Remains at FY 200809 Approved Rate of 99.8 Cents Per $104 ® Scenario 4. Real Property Values Unchanged frarrr 2408 Values, Tatal Property Tax Received by County Remains at FY 2008-o9 Approved Amount of $120.9 Million • It is important to remember the projection of next year's revenue is based on mathematical equations. As one factor in the equation decreases such as valuation}, another factor increases such as tax rate} in order to reach the same result such as total property tax dollars. o For example, in both Scenarios 1 and 4, total property tax dollars equal $120.9 million. However, the valuation in each of these circumstances is different. o Scenario 4 uses the pre-Revaluation real property value of $11.6 billion. In order to generate $126.9 million in tax revenue, a higher praperty value would be required than in Scenario 1 where the pest-Revaluation valuation ~s higher. Staff plans to walk through details of the analysis during the work session. Attachment 4 of this agenda abstract provides details of the staff analysis. . FINANCIAL IMPACT: Financial impacts included in the Background section and presented during the work session. R~C~MMENDATI~N~S~~ The Manager recommends: • The Board not rescind the 2009 Revaluation The Board agree to implement a revenue neutral flax rate for FY 2009-10 for all taxpayers e The Board apply the same principles for all taxing districts including the County wide ad valorem tax, Chapel Hill Carrboro City Schools district tax and fire district taxes The Board agree the funding target for schools far FY 200914 is 48.1 °ln of County revenues. /~~ITthmer}- Revenue Neutral Tax Rate • In Revaluation years, NC statutes require counties to publish a revenue neutral tax rate. - Revenue neutral is a tax rate that when applied to the new property values will generate the same tax dollars as received in the previous year. Taxable Real Property • Includes residential, commercial (including farmland and farm buildings) and industrial properties -For 2009, there are 51,225 total taxable properties in Orange County. J ~ k ~ ~~~~ o eve u~ ion n~ ~~~ • !n order tv calculate the ppercentage increase in rea! property due to revaluation, staff compared 2ggS values before revaluation} with 209 values rafter revaluation}. • The comparison excluded some properties to make the comparison one of "apples with apples," • excluded properties include those that did not exist in 2gQ8 properties with new construction for ~Oq9 -- properties with constNCtion not previously taxed - newly created property parcels parcels that had use value status changes • t~f the total 51,225 total taxable properties in Orange County in 2D~9, 4.8°/~, ar 2,454 properties, fell into one of these comparison exclusions. • Staff analyzed statistics related tv the remaining 48,771 properties. How A Neutral Revenue Rate .Impacts Tax Bills • Properties with value increases at or below 16% would have no tax increase at the .86 cents rate -Approximately 9,134 properties • Properties with value increases between 16% and 24% will have tax increases between 0 and 6.85% at the .86 cents rate -Approximately 16,423 properties How A Neutral Revenue Rate Impacts Tax Bills • vvhen the revenue neutral flax rate is applied, property tax bills for personal property such as cars, motorcycles .and mobile homes will decrease. • staff anticipates vehicle, personal and public utilities property valuations to continue to decline. Fewer new motor vehicles are being purchased ~- Purchases of other personal property, ,boats, business computers, etc, are being deferred • In addition, the NC General Assembly has created new tax exemptions that will erode the local property tax base. 5 Tax Relief for Elderly and Permanently Disabled • Elderly and permanently disabled taxpayers may apply for assistance with paying their tax bills. -Applications should be filed no later than June 1 -Taxpayers must apply, in writing, for tax relief • Copies of this presentation .available on- line beginning Wednesday, March 18, 2009 http://www.co.orange. nc. us/ 7 -~-~a.~nn~+~enk 2 03/24/2009 Impacts of Revaluation The chart below offers examples of the potential impact of real praperky revaluation on individual tax bills. The FY 2008-09 approved tax rate equals 99.8 cents per $~0D valuation. The prv~ected revenue neutral rate will be between 84 and 8? cents per $~ 00 valuation, For purposes of this illustration a tax rate of 85 cents has been selected. This may or may not be the neutral tax rate for FY 2009~~0. value Prior to Revaluation Value of Pro a $24~,OOD E uals Tax Bill $2,405 Annual $ Increase in Tax Bill per Month Equivalent Increase in Tax Bill °/° Increase After Revaluation 24°/° 33°/° 40°/0 ~ 54°/° ~ 40°/° $298,840 $32D,53o $33?,400 $36,500 $482,DDD $2, 5?0 $2,?5? $2,902 $3, ~ 09 $4, ~ 45 $~65 $35~ $496 $?04 $~,?40 $14 $29 $4~ _ $59 $~45 6.85°/n I ~ 4.6 ~ °/° I 20.64°/° I 29.26°/~ I ?2.34°lc~ f ~~ N ~" 1 II ` ©. W / V ~ N ~ ~ ~ ~[ 1i/ N o ~ . ~ o . "r ~, N . ~' c~ c C? 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W ns•.7~~S f F..jt ~~rtt'wxit ~ .3 1Y' r II M' y=V ~'/ WM~] NWT C ~ IS; h ~,.. ~ Y W i1 ~ !C b1:1~1~H'S,f.~j~, Sl r ~~SrSl71` a~lS a= ~ s~ W Q ~ ~ U ~ ,. ~ ~~~~ ti „~~K ~~ ~'~~'~ ~7r1~~~`~'~14~~' ~" !. ~~ kY ~ N y~". aF~~r} e c.N S~~~~ k NjmrY.i. Gr © © 2 :~~ .l~~.r{fir ~~ ~"? ~T; 3 kz~ ~~ ~u ! sx. °. r ~~ r P ~ N s E',~ ~' ~ 1. . A'.. ~/ e 4~vr?,~~~ sl iE~afi ~~~ Ktii HWi 3~~'r rti~~i f~ ; h ~-Y'~y ~ S.d C3 1~.~ fljl~?' d'~ w ar a~` '~" "'~i7r F A~ `V (~ ~.. i J 1 ]1ii tT y gfiri , ~31ti ~. ;~ ~~ 1 ~~. ~I^~ to ~ ~ Its , N-- ~v ~~ ,,~.a~~„~ N Q r N'~,~ ~L'~ ka5~" NKr r ~y f~ Z~ ~ ~ ~ rp/~ryry W ~ k ~ '~?~ .w...,....~.....,... _~ ~ b" N ,.. . .~:. ~,~~ .. m..,. ~ m n m 0 © Cp ~ c ~ _ ~' ~ EI) _ a t~ J © V) v © o ~ ,J ~ c~ ~~ C s ~;~ N ~._r © CN N ~N Q ~~ . ~ ~© cca ~~ © c N w 0 . ~© ~© ~ ~~ Attachment 3 C[~TJNTIES C~]NIIUCTING A REVALUATIaN ~F~'~CTIVE~ JANUA~.Y 1, 2~~9 Number Est. Percentage 20D8 Year of of Appeals Appeals Tax Rate Last County Parcels Informal Informal Revaluation Alarnance 6$,ODO 9,9 1 I~.~~°~° 0.580 200 Chatham 38,000 5,53$ I4.57% 0.653 2005 Cumberland ~ 32,D00 5,9$6 4.53% 0.$60 2003 Davie 23,000 2,700 II.74°I° 0.660 2005 Du lin 37,000 1,200 3.24% ~ 0.790 2001 Ed ecombe 30,500 1,$00 5.~~°~° 0.940 2001 Forsyth 151,000 NIA NIA 0.696 NIA Gates 7,500 NIA NIA 0.975 NIA Harnett 5$,277 NIA NIA 0.735 NIA Hyde $,500 NIA NIA 0.715 NIA Lenoir 35,000 NIA NIA 0.$40 NIA Martin 15,545 1,200 7.72% 0.785 2001 Mitchell 1$,000 NIA NIA 0.520 NIA Nash 50,000 2,250 4.SO% 0.700 NIA Qran e 55,000 1,900 x.45°I° 0.998 2005 Polk 16,000 NIA NIA 0.680 NIA stokes 29,000 400 I.38% 0.600 .2oa5 Swain 10,500 NIA NIA 0.330 NIA Transylvania 34,000 NIA NIA 0.540 NIA Tyrrell 4,$00 NIA NIA 0.740 NIA warren 23,000 3,000 ~ ~.~~°~° 0.920 200 ~ Yadkin 29,000 2,700 ~.3 ~ % D.760 2005 ... Average = 7.83~'/~ ~NFC~RNA.T1aN SUPPLIED BY NC .. DEPTMENT OF REVENUE ON MARCH 19, 2009 Per NC Dept of Revenue past yea_ internal appeal perce ntages 2008 - 7.47 2007 ~ 6.87 2006 ~ 6.90 /~~-ch mete- ~- Y 2DD9-1D Budget Punning Summary of Revaluation Analysis Approved FY ~ ~ 2aD8-~9 ~ ~ Budget ~ Scenario 2. Real Scenario 4. Real Scenario ~. Real Property Values Scenario 3. Real Property Values Property Values Increased Due to X009 Property Values Unchanged from X008 Increased Due tv Revaluation, Real Unchanged from X008 Values, Total Property 2009 Revaluation, All Property Uwners Whose Values, Property Tax Tax Received by Properties Assessed Property Increased ~4~ Rate Remains at FY County Remains at FY Revenue Neutral Tax yr Less (compared tv X008-q9 Approved Rate 20D$-U9 Approved Rate X008 valuativns~ "Held of 99.8 Cents Per $10q Amount of $12fi.9 Harmless" Million Projected Ad Valorem Tax ~ ~ Rate {Cents per $~~~ ~ 99.8 56.0 50.5 99.8 104.7 Valuation) Budgeted Revenue from Real, I I Personal, Motor Vehicles and ~ $1Z6.9w I $16.9 ~ $11,5.8 $10.6 $126.9 Public Utilities I Total County Revenue ~ All I I Sources Including Property ~ $153.0; $174.3 $166.3 $1.68.0 $174.3 Tax (in Millions of Dollars} I I Shortfall from I"Y 20~5~09 ($8.7} ($1.6.7} x$15.0} ~$$.7} Budget Allocation of Total Anticipated General ,Fund Revenue [I~Y ~Q09-10 Allocations Based on Schvvl Funding Target of 48.1.°~) Schools I $55.5 $83.84 $79.99 $80.81. $53.84 County ~ $94.5 $90.46 $86.31. $57.1.9 $90.46 a~~2s~zoo~ I~Y ZDD9~~D Budget planning SCenarlD 'l. Real Property Values Increased Due to 209 Revaluation, All Properties Assessed Revenue Neutral Tax Rate Annual General Fund Revenue Assumed Tax Rate ~~ cents per $~ ~0 valuat~vn In Millions of ~ FY 2008.09 FY 2009.10 Difference Recurrin Revenue $179.70 $174.30 $a.40 Non-Recurrin Revenue A ro riated Fund Balance $2.00 ~O.Op $2.00 peferred Capkal Prajects $1.30 $0.00 ($1.30} Total Anticipated General Fund Revenue $183.00 $174.30 ~$8.70y Available far Appropriation Allocation of Anticipated FY 2009»10 General Fund Revenue Available for Appropriation Between County and Schools Schools County 48.1 °/° 51.9n/° In Milions of Dollars $83.84 $90.45 Schools - Far FY 2009-10 assumes 48.1°/° of total anticipated General Fund revenue available far apprapriatlon (County Targe# Percentage Does Nat [nclude Funding for Durham Tech in Ca1culativn of 48.1 Tinge#) in Millions of ~ FY 2008-09 FY 2009.10 Difference Tots! Schaal Fundir~ ~~~ $88.53 $83.84 ($4.fi9y School Related Dept Service (Maeda#ed $19.5T $18.50 ($0.97j Appropria#ron; No Dollar Discretion} Recurring Capital (MandatedAporopriation, " $.2.57 $3.00 $0.43 onary Dollars} Discrefr Long Range Capital ~Manda#ed " $4.62 $4.30 ($0.52 on, Discretionary Dollars} Appropriatr Fair Funding (Non Mandy#edAppropriativn} $0.99 $0,99 $OAO Current Expense (Maeda#edAppropriation, $50.58 $55.95 ($3.53) Discretionary Dollars} Total School Fundin $88,53 $83.84 $4.69 °I° of County General Fund 48.4°I° 48.1 °I° ~~~ Does eat include additional County funding for Schaol Health Nursing Initiative, School Social Workers, School Resource Officers~. Total Education appropriation °/° for FY 2006-09 including these components totaled 49.3°/°. Calculation of Current ExpenselPer Pupil Apprapriatian FY 2008.09 FY 2009.10 E~1 Difference Pro'ected # of Students 18,932 18,898 34 Projected Per Pupil Allocation $3,200 $3,014 ($186} ~2~ Preliminary prvjeciivns; certified prajee#ivn numbers from NC Department of instruction will eat be released until mid-tv-late March County -Assumes 51.9°/° of Total Anticipated General Fund Revenue Available far Appropriation In Millions of $ FY 2008.09 FY 2009-10 Difference Revenue Available far County ~peratians (Far FY 2009.10, assumes 51.9°/° of Total $94.47 $90.45 ($4.01 j Anticipated General Fund Revenue} °~° of County General Fund 51r6°/°~ 51. ~~6~ ~ei~ ~- ~~ a~~zslzaos FY 2~D9~4 Budget Planning Scenario 2. Real Property Values Increased Due to 2009 Revaluation, Real Property Dwners Whose Property Increased 24°/a ar Less ~cvmpared to 2008 valuations) "Held Harmless" Annual Genera! Fund Revenue Assumed Tax Rate 80.5 cents per $100 valuatron 1n Millinn.c of FY 2006-Q9 FY 2009.10 Difference Recurrin Revenue $179.70 $155.30 $13.40 Non-Recumn Revenue A ro rioted Fund Balance $2.00 $0.00 $2.00 Deferred Capital F~rajects $1.30 $0.00 ~$1.30~ Total Anticipated General Fund Revenue ~163A0 $1fifi.30 016.70) Available far Appropriation Allacatian of Anticipated FY 2009.14 Genera! Fund Revenue Available for Appropriation Between County and Schools Schools County 48,1°/0 51,9°/u In Millions of Dollars $79.99 $85.31 Appropnatron; No Dollar Dlscretron} Recumng Capital (MandatedAppropriatlcan, $2.57 $3.00 D[scretianary Da[lars} i»,ong Range Capita[ {Mandated $4.82 $4.30 Appropriation, Discrefronary Dollars} Fair i=unding (Nan MandatedAppmpriatian} $0.99 $0,99 Current Expense {MandatedApprapriatian, $50.58 $53,10 Discretionary Dollars} Total School Fundnn $66.53 $79.99 °/° of County Genera) Fund 48.4°/° 48.1°/° $0,43 ~$0.52~ $0.00 x$7.48} ($8:54} ~~} Daes not include additional County funding for School Flealth Nursing Initiative, Schval Social Workers, Schaal Resource Officers}. Total Education appropriation °/° far FY 2008-09 including these components totaled 49.3°/°. Calculation of Current IrxpenselPer Pupil Appropriation FY 2006.09 FY 2009.10 ~~~ Difference Protected # of Students 18,932 18,898 =34~ Projected Per Pupil Allocation ~ $3,200 $Z,610~ ($390J ~~} Preliminary projections; certified prc~jectian numbers from NC Department of Instrucfian will not tae released until mid-ta-late March County -Assumes 51.9°/° of Total An#icipated General Fund Revenue Available for Appropriation !n Millions of FY 2006.09 FY 200910 Difference Revenue Available for County.4perations (For FY 2009-10, assumes 51.9°/° of Total $9447 $86.31 ($8.15 Anticipated General Fund Revenue] Schools - Far FY 2009-10 assumes 48.1 °/° of total anticipated General Fund revenue available for appropriation (County Target Percentage Does Nat Include Funding far Durham Tech rn Calculattan of 48.1 Target} In Ml[licans ref $ FY 2006.09 FY 2009.10 Difference Total Schval Fundin t~) $68.53 $79.99 ~$8.54~ School Related Debt Service (Mandated $19,57 $18.fi0 ($0.97 °/° of County General Fund ~ 51.6°/°~ 51. a~~zs~~ans F'Y 2QQ9-~0 Budget Planning Scenario 3. Rea[ Propertyr.ValuesUnehanged from 2~p8 Values, Property Tax Rate Remains at FY 20D8-~9 Approved Rate of 99.8 Cents Per $~ 08 Annual General Fund Revenue Assumed Tax Rate 99.8 cents per $~ 08 valuation 1n Millinn~ of FY 2gg8•q9 FY 20g9.1q Difference Recurrin Revenue $179.70 $158.00 $11,70 Non-Recurrin Revenue A ro rioted Fund Balance X2,00 $0.00 $2.00 Deferred Capital Projects $1.30 $0.00 ($1,30) Total Anticipated Genera! Fund Revenue $183.80 $168.00 =$15.gq) Available for Appropriation Allocation of Anticipated FY 2~~9-~ ~ Generaf Fund Revenue Available for Appropriation Between County and Schaofs Schools County 46.1 °/° 51.9°/a In Millions of Dollars $60.61 $87.19 Schools - Far FY 2089.10 assumes 48.1°/° of total anticipated General Fund revenue available far appropriation (Gaunty Targe# Percen#age Does No# Include Funding for Durham Tech in Calculation of 48. ~ °6 Target} In Millions of $ FY 2088-q9 FY 2009.1q Difference Total School Fundin ~~} $88.53 $80.81 ($7.72) 5choo) Related Debt Service (Mandated $19 57 $18 50 x$0'97) Appropriation; Na DollarDiscretian} Recurring Cap~al (MandatedAppropria~an, $2.57 $3.00 $0.43 Discretionary Dollars) !-ong Range Capital (Mandy#ed X4.82 ~4.3p x$0.52) Appropriation, Discretonary Dollars} Fair Funding (Nan Mandy#edAppropriatian} $0.99 $0.99 $0.00 Current Expense (MandatedAppropriatlan, ~s0.58 $53.92 x$5.55} Discretionary Dollars} Total School Fundin $88.53 $Bq.81 $7.72 °/° of County Genera! Fund 48.4% 48.1 ~~} Does riot include add~ional County funding for School Health Nursing Initiative, School Social Workers, School Resource Dffcers~. Total Education appropriation °/° far FY 2008-09 including these components totaled 49.3°/°. Calculation of Current ExpenselPer Pupil Appropriation FY 2008-p9 FY 2gg9.1 q E~~ Difference Projected # of Students 18,932 18,896 34 Projected Per Pupil Allaca#ion $3,x00 $2,883 [$347 ~~} Preliminary projections; certified projection numbers from NG Department of Instruction will not be released until mid-to-late March County -Assumes 51.9°/° of Total Anticipated Generaf Fund Revenue Available for Appropriation In Millions of ~ FY 2808.09 FY 2009.10 Difference Revenue Available far County operations Far FY 2089-10, assumes 51.9°/° of Tataf $94.47 $87.99 x$7.28) . Anticipated General Fund Revenuej °/° of County General Fund ~ 51.6°/°! 51. ~C ~ m~~ ~ '~~ zs zr~os Il ~Y ~0~9MQ Budget Panning Scenario 4. Real Property Values unchanged from 208 Values, Total Property Tax Received by County Remains at FY 2~D8-49 Approved Amount of $~~fi.9 Million Annual General Fund Revenue Assumed Tax Rate ~ 04.7 cents per $~ 00 valuation rri Mrlrr~-~~ ~~ FY 2gg6•q9 FY 2gg9.1q Difference Recurrin Revenue $179.70 $174.3D $5.40 Nan-Recurrin Revenue A ro rioted Fund Balance $2,00 $0.00 $2.00 Deferred Capital Projects $1.30 $0.00 ($1.307 Total Anticipated General Fund Revenue X163.00 $174.30 ($6'7q) Available for Appropriation Allocation of Anticipated FY ~0~9-~ D Genera! Fund Revenue Available for Appropriation Between County and Schools Schools County 48.1 °la 51.9°/a In Millions of Dollars $83.84 $90,46 Schools -For FY 2009.10 assumes 46.1°/° aftatal anticipated General Fund revenue available for apprapriataon (county Target Percentage Does Not Include ~undirtg far Durham Tech in Calcula~on of 48.1:6 r~r~~t) !n Millions of $ • FY 2006~g9 FY 2009.1q Difference Total School Fundin E~1 $66.53 X63.64 ($4.69j Schaal Related Debt Service (Mandated $19.57 $18.60 ~$0.97j Appropriation; No DatlarDiscreiranj Recurring Capital (MandatedApproprlation, $2.57 $3.00 $0.43 Discretionary Dollars) Lung Range Capital (Mandated $4.82 $4.30 ~~0.52) Approprlafian, Discretionary Dollars) Fair Funding (Non MandafedAppmpriation) X0.99 $0.99 $0.00 Current Expense (MandatedAppropria~an, $60.58 $56.95 ($3.63} Discretionary Dollars) Total School Fundin $86.53 $83.84 $4.69 °/° of County General Fund 46.4°/° 48.1°/° ~~~ Does not include additional County funding far School Health Nursing Initiative, School Social Vliorkers, School Resource Officersj. Total Education appropriation °/a far 1=Y 2008-09 incfuding these components totaled 49.3°/°. Calculation of Current ExpenselPer Pupil Appropriation FY 2g06-q9 FY 2gg9.10 ~~} Difference Projected # of Students 18,932 18,898 34 Projected Per Pupil Allocation $3,2gq $3,014 ($166) {~~ Preliminary projections; certified projection numbers from NC Department of Instruction will not tae released until mid-to-late March County -Assumes 51.9°/° of Total Anticipated General Fund Revenue Available for Appropriation In Millions of $ FY 2gg6.09 FY 2gg9.10 Difference . Revenue Available far County Qperations (Far FY 2009-1 q, assumes 51.9°/° of Total $94.47 $90.46 ($4.01 j Anticipated Genera! Fund Revenues . °/° of County General Fund 51.6°/°~ 51.9°/°