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r APPROVED 6129192 MINUTES <br />BOARD OF EQUALIZATION AND REVIEW <br />MAY 4, 1992 <br />The Orange County Board of Commissioners met as the Board of <br />Equalization and Review at 7:00 p.m. on Monday, May 4, 1992 in Superior <br />Courtroom, new County Courthouse in Hillsborough, North Carolina. <br />COUNTY COMMISSIONERS PRESENT: Chair Moses Carey, Jr., and Commissioners <br />Alice M. Gordon and Don Willhoit. <br />COUNTY ATTORNEY PRESENT: Geoffrey Gledhill <br />STAFF PRESENT: County Manager John M. Link, Jr., Assistant Manager Rod <br />Visser, Deputy Clerk to the Board Kathy Baker, Clerk to the Board Beverly A. <br />Blythe, Tax Assessor Kermit Lloyd, Chief Appraiser John Smith, and Real <br />Property Appraiser Donald Tapp. <br />OATH OF OFFICE <br />Clerk to the Board Beverly Blythe administered the oath of office to <br />Chair Carey and Commissioners Gordon and Willhoit. <br />CHAIR PERSON CHOSEN <br />Motion was made by Commissioner Gordon, seconded by Commissioner <br />Willhoit to appoint Chair Carey as chair of the Board of Equalization and <br />Review. <br />VOTE: UNANIMOUS <br />PRESENTATION OF APPEALS <br />Two appeals have been received. One from Michael N. Thompson, Merryland <br />Investment Co., and the other from Lawrence Karmiol. <br />Mr. Karmiol stated that the $173,000 assessed value of his condominium <br />unit is assessed over the true market value. He purchased the unit in 1986. <br />No other units sold at that time. A 1990 appraisal by a realtor lists a <br />duplicate "C" unit for sale at $140,000 which did not sell. It is presently <br />listed at $139,900 but can be purchased for less. A proposed similar <br />structure lists a 2- bedroom, 2 -bath unit for $126,000. Therefore, he is <br />asking that his assessed value be reduced to $138,000. <br />Kermit Lloyd indicated that Mr. Karmiol has not presented any <br />information that would prove that this appraisal is different from others in <br />the same category. The General Statutes 105 -287 does not allow this type of <br />adjustment to be made in a year in which a general reappraisal or horizontal <br />adjustment of real property in the county is not made. The valuation cannot <br />be changed except for a unique circumstance that other property in this same <br />category don't share. Based on 1986 sales and evaluation at that time, the <br />value is correct. Prices have decreased since that time but there is nothing <br />unique about this property as compared with other like properties. <br />NO ACTION WAS TAKEN BY THE BOARD OF E & R. <br />Michael N. Thompson stated that Merryland Investment Company appeals the <br />valuation of $6,790,629 for the Timber Hollows Apartments. They purchased <br />this property in August, 1991 for $6,100,000 through Resolute Trust. The tax <br />valuation represents a lot increase. <br />Kermit Lloyd explained that the same General Statute stated above <br />