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DocuSign Envelope ID:287AAA24-FA06-4588-8BEC-88E403F9C97B <br /> Mr. Beattie called the meeting back to order at 2:14 PM. <br /> RIKE PIN 9798475877 <br /> Zachary Rike appeared before the Board to appeal the valuation of the property located at 1054 <br /> Canterbury Lane, Chapel Hill. The current assessed value of the property is $1,125,300. A list of <br /> evidence follows: <br /> APPELLANT COUNTY <br /> 9798475877 Appeal 9798475877 County <br /> The appellant requested that the Board reduce the valuation of the property to $840,500 citing the fact that <br /> the appellant purchased the property for that amount in an open market transaction in November 2020 and <br /> believes that to be the true value of the property. <br /> Jimmy Milliken represented the County and stated that the appellant supplied a copy of a fee appraisal <br /> performed in conjunction with the purchase indicating a value of$893,900 as of October 20,2020 and <br /> after reviewing sales information,the recent sale of the subject appears to be distressed due to a <br /> separation,per the property deed. Mr. Milliken then referenced a listing price history which illustrates a <br /> drastic drop in value in a booming seller's market, and Mr. Milliken also referenced and explained the <br /> data in two analysis grids using the appellant's appraisal report information and the County's evidence. <br /> Based on the evidence pointing to a distressed sale, along with 2019 &2020 sales the County <br /> recommends a new value of$990,300. <br /> The appellant stated that the sale price of the home was not due to distress but a result of the condition of <br /> the home including foundation issues,water damage, and rotting windows. <br /> Mr. Gunn again referenced the listing history of the subject noting that the property had a sale pending at <br /> in September 2020 at an asking price of$990,000 and then the property selling two months later at a <br /> drastic reduction of$150,000. <br /> The Board reviewed all documents and information provided by the appellant and the County. After <br /> deliberation and review,Mr. Beattie made a motion to delay the ruling until August 24, 2021 at 2:15 PM <br /> in order for the County to review the conditions of the sale and condition of the home. Ms. Levine <br /> seconded the motion and the motion carried. <br /> Yes: 3 <br /> Noes: 0 <br /> Having heard all of the appeals scheduled on this date,Mr. Beattie made a motion to adjourn this meeting <br /> at 2:43 PM. Ms. Levine seconded and the meeting adjourned. <br />