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DocuSign Envelope ID: E275D4DE-CD48-4919-BE2A-D86FEADF0352 Yes: 3 Noes: 0 Vandy Enterprises LLC PIN 9874064150 Toby Vandemark appeared before the Board to appeal the valuation of the property located at 110 S. Churton Street,Hillsborough. The current assessed value of the property is $710,600. A list of evidence follows: APPELLANT COUNTY 9874064150 Appeal 9874064150 County The appellant is requesting that the Board lower the valuation citing the fact that the neighboring properties on S. Churton Street have lower valuations than the subject property. The appellant provided a 2020 income and expense statement for the property and assessed values of similar nearby properties indicating that the increase in value from the revaluation was greater for the subject than similar nearby properties. Cyle Anderson represented the County and stated that the property is currently recorded as a two story commercial building having 4.416 square feet of finished area with 2,208 square foot of restaurant space on the first floor and 2,208 square foot of residential apartment space on the second floor. Mr. Anderson stated that it was brought to the attention of the Tax Office that the finished area of the second floor was overstated by 216 square feet as the second floor space included an unheated porch area. The County recommends correcting the second floor finished area to 1,992 square feet and the overall finished area of the building to 4,200 square feet. Mr. Anderson explained that upon review of the property by CCA,the indicated value of the property from the sales comparison approach was $712,223 and the indicated value of the property from the income approach was $543,012.Due to the nature of this property, CCA placed 45%weight on the sales comparison approach and 55%weight on the income approach for a reconciled value of$619,157. As a result of this review and in addition to the recommended finished area correction,the County recommends removing the+25%market adjustment on the land, changing the effective year built of the building from 2015 to 2010 and applying an E01 economic market adjustment to the property for a revised valuation of$618,400 for the property. Chris Mashburn clarified the three comparable sales were found by identifying sales of other properties with similar building sizes and location attributes. For the sales comparison approach,the resulting valuation indicated approximately$177 per square foot. The income approach was based on the income generated from leasing the restaurant and second floor apartment. 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 County's recommended revised value of $618,400. Mr. Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0