2021_08_24 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:67AF45A6-6792-466B-A530-32D705D517AA The appellant stated that since buying the subject property there have been no major changes made,the purchase was for the property"as is"and the property was vacant at least 18 months to two years before the purchase. The appellant opined that to compare the subject property to comparable properties provided by County would not be equitable due to the condition of the subject. Mr. Beattie hesitated to take into consideration the County's comparable properties due to the multiple offers when the subject property sold at the end of 2020 indicating an arm's length transaction. 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 appellant's opinion of value of $738,000. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 SWAN PIN 9788487508 On behalf of Samantha Swan,her husband Stephen Cheek appeared before the Board to appeal the valuation of the property located at 208 Cottage Lane, Chapel Hill. The current assessed value of the property is $346,100. A list of evidence follows: APPELLANT COUNTY 9788487508 Appeal 9788487508 County The appellant is requesting that the Board reduce the valuation citing the fact that a market valuation was performed on October 25,2018 due to his father-in-law passing away and titles to his properties were passed to his children, one of them being his wife.A valuation needed for probate purposes resulted in a value of$251,000. Mr. Cheek stated this valuation was included in the appeal documents indicating the assessed value was $95,000 dollars more than an open market valuation just over 2 years ago. Over three years that would indicate a 10% compounded increase in value. Bill Hiltbold represented the County and provided an analysis report stating there are only two good comparable properties for the subject property within the subject neighborhood. The five properties chosen for consideration by the fee appraiser and County appraiser are listed in the"other neighborhoods" section of the analysis report. 208 Barclay Road is out of the comparable grade range of D+10 to C and the land value is $126,000 below the land value of the subject. 107 Carr Street, 707 N. Columbia Street, and 113 Isley Street are about half the size of the subject lot with corresponding lower land values. Mr. Hiltbold stated that the best comparable properties are in the subject neighborhood. The boxed properties in the analysis report encloses properties within 214 square feet of the subject. The County ignored 401 North Street since its grade at B+10 is outside the comparable range and its land value is only $190,000. 17 Cobb Terrace and 504A North Street are good for comparison in that their land value, finished area, and grade are close to those of the subject and their sale prices are close to the subject's assessed value. Finally,the value per square foot of the subject is consistent with most of the others. Orange County sees no reason to adjust the present value of 208 Cottage Lane. The appellant asked to see the County's comparable properties that he did not receive and was not aware of the information being available to him.