HomeMy WebLinkAboutAgenda - 09-19-2000-7aORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: September 19, 2000
Action Agenda
Item No. -
SUBJECT: 2001 Revaluation -Schedule of Values
DEPARTMENT: Assessor's Office PUBLIC HEARING: (Y/N) YES
ATTACHMENT(S): None INFORNiATION CONTACT:
John Smith, ext 2101
TELEPHONE NUMBERS:
Hillsborough 732-8181
Chapel Hill 968-4501
Durham 688-7331
Mebane 336-227-2031
PURPOSE: To conduct a public hearing on the schedule of values for the 2001 real property
revaluation.
BACKGROUND: At its last meeting an August 15, 2000, the Orange County Board of
Commissioners scheduled a public hearing for September 19, 2000 on the schedule of values
for the 2001 revaluation. The schedule of values, standards, and rules will be used to appraise
all real property in Orange County for the January 1, 2001 revaluation, and throughout the
period until a subsequent revaluation (scheduled for January 1, 2005) is conducted. The
schedule of values covers all components of real property that contributes to its value -both
land and improvements to that land.
The Norkh Carolina General Statutes require that the Board of Commissioners conduct a public
hearing on the schec#uJe of values at least seven days before formal adoption of the schedule of
values. Adoption is scheduled for the October 3, 2000 regular meeting of the Board of
Commissioners. A copy of the schedule of values is available for review in the County
Assessor's Office. Before the public hearing, staff will make a brief presentation regarding the
overall revaluation process, including the nature and use of the schedule of values.
FINANCIAL IMPACT: There is no direct financial impact associated with the conduct of this
public hearing. However, the schedule of values that is ultimately adopted will provide the
framework far the establishment of all real property values in Orange County for the next four
years. That will have a direct bearing on the ad valorem tax rates that will be established by the
Board each fiscal year to provide the revenue needed to sustain County programs and services.
RECOMMENDATION: The Manager recommends_ that the Board conduct the public hearing as
scheduled.