TITLE
Title
BUDGET AMENDMENT: REFUND OF 2018-2021 PROPERTY TAXES FOR HERTZ GREENSBORO 300 NORTH GREENE ST LLC FROM SETTLEMENT OF VALUATION APPEAL
end
SPONSOR
Sponsor
Ben Chavis and Andrea Leslie-Fite
end
BACKGROUND
Background
The Tax Department reached a settlement agreement of property valuation for tax years 2018-21 with Hertz Greensboro 300 North Greene LLC. The Board of Commissioners approved the adjustment of the property valuation during their meeting on February 16, 2023. The county will issue refund checks for years 2018-21 in the amount totaling $193,129. The Tax Department’s FY2023 budget will need to be amended to cover this refund amount.
end
BUDGET IMPACT
Budget Impact
General Fund
$193,129 increase in Appropriated Fund Balance
$193,129 increase in appropriation to Tax
end
REQUESTED ACTION
Requested Action
Approve budget ordinance amendment to increase appropriation to Tax by $193,129 and increase appropriated fund balance by $193,129 and to authorize staff to take any and all necessary steps to complete the transaction.
end