2021_10_12 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:CD609373-3AA7-4A4A-AD96-60FEBC2424AD NR EDGE PROPERTY OWNER LLC PIN 9880088353 Hailey Garrett elected not to appear before the Board on behalf of the appellant and requested that the submitted documentation serve as the appeal. The appellant is appealing the value of a 4.97 acre vacant property located on Village Center Drive, Chapel Hill. The current assessed value of the property is $4,473,000. A list of evidence follows: APPELLANT COUNTY 9880088353 Appeal 9880088353 County Kelly Wells represented the County and stated the appellant is appealing the valuation based on the value per acre of nearby commercial land, and the appellant suggests a lower valuation of$2,500,000 for the subject property.Ms. Wells stated that upon review of this property and the value per acre of commercial land in the area, it was determined that the average value per acre is $780,000. As a result of this review, Orange County recommends applying a-22%market adjustment to the land value thereby reducing the land value from$900,000 per acre to $780,000 per acre and then reducing the land value further with a- 10% size adjustment for a total revised valuation of$3,488,900. 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 revised value of$3,488,900 for the property. Mr.Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 NR EDGE PROPERTY OWNER LLC PIN 9880082292 Hailey Garrett elected not to appear before the Board on behalf of the appellant and requested that the submitted documentation serve as the appeal. The appellant is appealing the value of a vacant 14.1 acre property located at 696 Carraway Crossing, Chapel Hill. The current assessed value of the property is $9,870,000. A list of evidence follows: APPELLANT COUNTY 9880082292 Appeal 9880082292 County Kelly Wells represented the County and stated the property consists of 14.1 acres of vacant commercial land. The appellant is appealing the valuation based on the value per acre of nearby commercial land, and the appellant suggests a lower valuation of$4,500,000 for the property. Ms.Wells stated that Orange County reviewed the subject property and the value per acre of similar commercial land in the area, and it was determined that the average value per acre is $780,000.As a result of this review, Orange County recommends applying a-22%market adjustment to the land value and then a-25%size adjustment to the land value for a total revised valuation of$585,000 per acre and an overall valuation of$8,248,500 for the property.