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.. 7 ~ 41 i The County Tax Supervisor presented the following letter and amend®d order from D. R. Holbrook, Admiristrative Officer, Department of Revenue, State Board of Assessments, Raleigh, Yorth Carolina: "I am enclosing a copy of an Amended Order in the appeal of Par. J. Randolph 3egar, Jr. on his property in Chapel Rill known as the Town House Apartments. This Amended Order is to replace the original order dated January 2&, 1972. Please take the naoessary action to correct the County~s records in accordance with the Amended Order. Xour cooperation in this matter will be appreciated." "STATE OF IPORTH CAROLZTdA BEFORE THE STATE BOARD OF ASSESSP~NT CODNTX OF lA~I~E Zn the Platter of: ) The appeal of Plr. J. Randolph Seger, ~'r., ) from the valuation of hie property in ) Chapel Hill known'as the Town House Apart- ) ments by the orange County Board of Equalize-) tion and Review for the purpose of ad valorem) ' taxes for 1971. ) This matter is before the State Board of Aasesaemtn pursuant ' to an appeal. by the above taxpayer from the valuation of his property ' tcnown as the Town House Apartments located on Hillsborough Street in Chapel Hill and identified in the Orange County records as map Pdo. 81, Block B, Lot 15 for 1971 by the Orange County Board of Equalization and Review.' Tt appearing to the Board from an investigation by its staff that the County appraised the subject propertyy - a 12.s acre tract ~ of land and 112 appartment un3.ts -- at S1,1b3,890 -- X100,000 for the land, ~1,031~,090 for the building and $29,000 for the related ~. personal property. This appraisal was made in 1965, the year of ~~ the County~s last revaluation. j I St further appearing to the Board thst the taxpayer appealed the said valuation to the County Board of Equalization and Review - for 1971 but no ahanGe was made. From this decision, the taxpayer appealed to the State Board of Assessment. I Tt now appearing to the Board that since said appeal was filed, the subject property has been visited and inspected by ~ representatives of the County and by members of the Boards staff. ~ Tt further appearing to the Board that following said inspection and a subsequent review of the matter with the taxpayer and the Orange County taxing officials, the Boards representatives have concluded that the ori~5ina1 appraisal did not fully recognize all of the factors bearir_g on the value of subject property -- particularly the topography of a portion of the tract and the fact that the original appraisal was not in line with the apprsisa].s of comparable properties. It further appearing to the Board that on the basis of their conclusions, the Boards representatives have recommended that the valuation of the subject property be reduced from 1,163,890 to $1,013,360 to take the above factors into account, which reduced figuxe the appellant has agreed to accept and which the County •Baxing officials do not contest. TT IS THEREFORE ORDERED :1PdD DECRY that the Orange County taxing officials reduce th® valuation of subject property from w1,163,a90 to w1,013,360 as set forth below and enter said reduced valuation on the tax rolls of Orange County. 1. Reduce the valuation of ~.5 acres of land from X8,000 per acre to X2,000 per acre. 2. Allow physical depreciation of 5~ and functional depreciation of 1$,o to thB buildings. 3. Allow functional depreciation of 10=~ to the swimming pool. i I L~.. Eliminate the value assigned to the breezeway. 5. Eliminate the value assigned to tho personal property. i This the 1}th day of February, 1972. f,