HomeMy WebLinkAboutAgenda - 10-19-2004-5gORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: October 19, 2004
Action Agenda
Item No. _~
SUBJECT: Adoption of Schedule of Values for 2005 Revaluation
DEPARTMENT: Assessor's Office PUBLIC HEARING: (Y/N) No
ATTACHMENT(S): None INFORMATION CONTACT:
John Smith, ext 2101
TELEPHONE NUMBERS:
Hillsborough 732-8181
Chapel Hill 968-4501
Durham 688-7331
Mebane 336-227-2031
PURPOSE: To consider adoption of the schedule of values, standards, and rules tc be used in
appraising real property in Orange County effective January 1, 2005.
BACKGROUND: In accordance with the North Carolina General Statutes, the County Assessor
has previously submitted the proposed schedule of values, standards, and rules to be used in
appraising real property in Orange County effective January 1, 2005 and throughout the period
until a subsequent revaluation is conducted. Copies of this schedule of values have been made
available for inspection by the public in the Assessor's Office, The Board conducted the
required public hearing on the schedule of values at the October 5, 2004 regular meeting,
State statutes require that notice of the Board's order approving the schedule of values be
published once a week for four successive weeks with the last publication being not less than
seven days before the last day for challenging the validity of the schedules, standards, and
rules by appeal to the Property Tax Commission. Property owners who feel that the schedule is
invalid have 30 days within which to appeal from the first date of publication of the notice of the
order approving the final schedule of values, If there are no appeals to the adopted schedule of
values, the Assessor will be prepared to send out 2005 valuation notices to real property
owners by late December,
FINANCIAL IMPACT: Funds to cover the cost of the statutorily required multiple
advertisements is available in the County's FY 2004-05 operating budget,
RECOMMENDATION(S): The Manager recommends that the Board approve the final
schedule of values, standards, and rules, and direct the Assessor to observe all statutory
requirements related to public notice about the schedule of values,