Board Chair: Orange County Prepares for Revenue-Neutral Property Tax Rate of 35% ...Middle East

The Orange County Board of Commissioners will discuss the county’s updated revenue-neutral property tax rate at its meeting on Tuesday, with the board chair revealing this week the threshold for how much property owners will see increases.

Commissioner Jamezetta Bedford, while speaking during Wednesday’s “Conversations With The Mayors” segment on 97.9 The Hill, said the updated rate is around 35% per $400,000 — meaning as residents’ property values are adjusted during this year’s revaluation, that is the number to monitor for how much one’s taxes would increase based on their property value increases. She estimated if one’s property increased roughly 35% or less, there would not be a major increase on their county tax bill.

“So many people,” said Bedford, “thought their taxes, which might be $4,000 or $5,000 [in total], were going up proportionately to their [revaluation.] It doesn’t work that way.

“It’ll reassure people, and at least people will be able to put in their own value,” she said of sharing the revenue-neutral tax rate. “They still might be angry or wondering how they’re going to pay it, but they’re going to have a real number they can work with. So, we’re going to get that out at the next meeting, quickly, just to relieve some of that anxiety [of the unknown] and so people can see the real numbers.”

Orange County Commissioner Jamezetta Bedford. (Photo via Dakota Moyer/Chapel Hill Media Group.)

The revenue-neutral property tax rate is required by the state of North Carolina amid revaluation cycles as a comparison number to the rate needed to maintain the local government’s tax bill as the prior year, adjusting to the new property values while keeping the same amount of revenue for its budgeting purposes. That way, both the local government can continue to pull in money for its operations or projects while residents learn how much their tax bills may increase in the next year’s cycle. The budget officer for Orange County determines the rate, the county manager crafts a budget recommendation around the increase, and the board of county commissioners votes on whether to approve that rate or more to increase the county’s revenue.

Orange County conducts its property revaluation in a four-year cycle, and many residents are projected to have significant increases to their value from 2021 because of the in-demand housing market and rise in development costs. During a presentation to the county commissioners in February, Orange County Tax Administrator Nancy Freeman said the county is projecting a 50% increase in total property value during the revaluation. That would likely put the county below the average amount of property growth in North Carolina, but aligned with the average projected growth in value of counties which also follow four-year revaluation cycles.

As both the budget and property taxes are finalized, Orange County residents have opportunities to learn more about the revaluation process and informally appeal their updated property value before the formal appeal window begins May 1. The county tax office is hosting three remaining community meetings in April to discuss the topic for free with residents. They are:

The Orange County Board of Commissioners’ meeting on Tuesday will begin at 6 p.m. in the county’s Whitted Building in Hillsborough. The new property tax rate and updated county feed schedule for services and amenities is expected to be adopted at the board’s meeting on June 17.

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