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6 <br /> Map Nbr: 7.27.E.2 <br /> Tract Nbr: 724263 <br /> Account Nbr: 198989 <br /> Rate Code: 22 <br /> Name: SLT Realty Ltd Ptns <br /> Starwood Lodging <br /> Address: 2231 E. Camelback Rd Ste 400 <br /> Phoenix,AZ 85016 <br /> Action Requested: Request property tax refund for 2001. <br /> Recommendation: Approve total property tax refund of$67,947.02 <br /> Explanation: Property Tax Commission Decision: <br /> Tax value of Sheraton Inn(formerly Omni-Europa)located on Hwy 15-501 was <br /> appealed for tax year 2001 to the North Carolina Property Tax Commission. The <br /> basics for the appeal was that the true value of the property was below the$13,999,655 <br /> derived by the county through application of the cost approach. Extensive income and <br /> expense data was provided and analyzed resulting in a value indicator based on the <br /> income approach. After in-depth consultation with an area MAI and others <br /> knowledgeable of the hotel industry market conditions, determination was made that a <br /> value significantly below the cost approach estimate should be strongly considered. <br /> Since the best indicator of value is yielded by the income approach and since there was <br /> strong evidence to support this lower valuation, the value has been adjusted by the PTC <br /> to $9,659,762. <br /> Reference: General Statute 105-290(6)(3). Property Tax Commission appeal. <br />