BC 2011 10 17 Regular Meeting - Laserfiche WebLink

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October 17, 2011 (Regular Meeting) Page 634 rate we would adjust other factors up to get to the same number." It is interesting that the base rate was decreased exactly $2.00 but for market reasons. Deborah Greer, resident of 28 Barbee Road SW in Concord, presented the following comments on behalf of "We The People North Carolina" in opposition to the adoption of the 2012 Schedule of Values: We The People North Carolina, Inc. speak in opposition to the adoption of the 2012 Schedule of Values. Zillow.com is reporting the median house price is nearly $169,600.00 down, 8.2 percent from a year ago and off nearly 30 percent from the top of the market in 2006. Breaking news. The housing market still stinks. According to online real estate firm, Zillow.com, house prices across the nation fell 3 percent in the first quarter of the year and were down 1 percent in March from February, the 57 consecutive monthly drop. The median house price is now $169,600.00, down 8.2 percent from a year ago and off nearly 30 percent from the top of the market in 2006. In the category of "it can get worse ", Zillow anticipates that prices could slide another 7 to 9 percent from this point and that the allusive bottom to the housing market will not come until 2012 at the earliest. House prices have declined from peak levels at the height of the housing boom according to a range of measures. Prices are approaching trend levels from the 1990's. Adjusted for changes in mortgage interest rates and income growth, price stabilization with its positive implications for reducing foreclosures will be a critical factor in the reduction of unsold inventories. The tax administration department has suggested a reduction in property values from the current $71.50 per square foot to a downward adjusted $68.00 per square foot which represents a 16 percent decline in the prevailing market. Considering the above excerpts from 2 different sources, a 16 percent reduction is nowhere close to accurately reflecting the 30 percent decline which has already been experienced and an additional 7 to 9 percent decline which is projected to continue into 2012. It is our position that the additional reductions in the per square foot price should be used and a newly revised schedule of values be generated for the 2012 property revaluation. By doing this, the citizens of Cabarrus County will have a much more accurate valuation of their property values as they relate to the current real estate market situation. In addition, we are opposed to the acceptance of the 2012 Schedule of Values as it relates to the increase in property tax from 63 cents per hundred now, to a projected 70.5 cents per hundred starting in 2013. We were promised by this Board of Commissioners that if we voted to accept the one quarter cent sales tax increase, this would not happen. Though, We The People North Carolina stood as the lone voice in opposing the sales tax, the small number of citizens who responded to the special election voted to authorize that sales tax as requested. Now as shown, just a few months ago in your projected 5 -year budget, we are looking at the probability of an increase in the property tax rate. Because of the property values in Cabarrus County having declined, there will be a decline or shortfall in the amount of taxes received by the county because of these lower values. We have heard that by increasing the tax rate from 63 cents per hundred to 70.5 cents per hundred, the county will have a revenue. Ronnie Long, resident of 4140 Brownwood Lane in Concord and President of "We The People ", read the following statement: "We The People NC Inc. ", would like to take this opportunity to commend Our Board Of Commissioners for the stand you took last month when you rejected a Grant Proposal for the Winterization of Property here in Cabarrus County. We understand that was a hard and in some people's minds wrong decision. We The People NC believe that your decision was the right one and also commend Commissioner Carruth for his further statement that our community and our churches should step up and take the lead for these types of projects. Even though we are all facing hard financial times and our financial abilities to donate have been diminished we can still donate our time, effort