2021_08_24 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:67AF45A6-6792-466B-A530-32D705D517AA Mr. Milliken stated he recommended the reassessed value of$990,300 due to not having prior knowledge of the subject property's condition and he would make a no change in value if the distressed sale was not taken into account. Mr. Milliken stated that based on the condition of the subject property,the County now recommends a revised value of$893,900 based on the appraisal from the appellants purchase. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr.Beattie made a motion to accept the new County's recommended revised value of$893,900. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 ANTHONY PESSINO,TRUSTEE PIN 9788330454 Anthony Pessino appeared before the Board to appeal the valuation of the property located at 604 S. Columbia Street, Chapel Hill. The current assessed value of the property is $782,300. A list of evidence follows: APPELLANT COUNTY 9788330454 Appeal 9788330454 County The appellant is requesting that the Board reduce the valuation citing the fact that the subject property was purchased on December 31, 2020 for$738,000 and is requesting that the assessed value match the market value purchase price. Bill Hiltbold represented the County and stated that he visited this property on July 7, 2021 and re- measured the exterior of the building. A narrow space between the old house and an addition has been enclosed and the multi-story portion is actually 26 feet deep. Mr. Hiltbold found the third floor should be a three-quarter story rather than a half story and the recorded 50%unfinished basement is just a slab for heating equipment and the space is open to crawl space which should be relabeled as masonry foundation only.After correcting the sketch and recalculating,the living area would increase from 3,146 square feet to 3,571 square feet. Mr. Hiltbold noted that an increase in living area certainly increases building value despite the owner appealing to have the value reduced to the latest sale price. Mr. Hiltbold referred the Board to an analysis report of sales in the subject neighborhood from 2017 through 2020. The sales are all within 629 square feet of living area of the subject. Mr. Hiltbold noted 531 Dogwood Drive sold for$920,000 with slightly less living area and one fewer bath than the subject. The home at 428 Westwood Drive sold for $1,027,500 despite being smaller with two less baths but its effective year built is 2012 indicating a renovation. The home at 317 W. University Drive sold for$700,000 but its living area is 637 square feet less than the subject, its grade is one point lower, and it has one and'h fewer baths. Then there is the sale of the subject property on the last day of 2020 for$738,000. Mr. Hiltbold stated that after reviewing the property,the County proposes changing the effective year built from 1998 to 1985 which would increase the building value by$6,100 and the total property value from$782,300 to$788,400. This modest increase is justified in the value per square foot going down from$248 to $220 compared to the median of sold properties at$243 per square foot.