2021_10_13 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:3067492C-60EC-432D-9750-FF3FBB8741DF APPELLANT COUNTY 9825807659 Appeal 9825807659 County The appellant is requesting that the Board reduced the valuation to $12,867,000 based on a market pro forma for 2020. The property contains 17.22 aces with a 384,137 square foot warehouse. Cyle Anderson represented the County and stated that upon review of the property by CCA, it was determined that the indicated value of the property from the sales comparison approach is $15,749,617 and the indicated value of the property from the income approach is $15,850,343.Each indication of value was weighted 50%for a reconciled valuation of$15,799,980 for the property. As a result of this review,the County recommends applying an E05 economic market adjustment to the property for a revised valuation of$15,540,100 for the property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review, Chair Beattie made a motion to accept the County's recommended valuation of $15,540,100 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 DORYLU LLC PIN 9863594828 Bryson Tart appeared before the Board on behalf of Doryly LLC to appeal the value of the property located at 2111 Orange Grove Road,Hillsborough. The current assessed value of the property is $3,016,500. A list of evidence follows: APPELLANT COUNTY 9863594828 Appeal 9863594828 County The appellant stated that the property is an apartment complex with 48 units. The appellant is appealing the value on the basis that the income and expenses from 2018 through 2020 suggests a lower valuation of$2,285,150 for the property. Cyle Anderson represented the County and stated that upon review of this property by CCA, it was determined that the indication value for the property by the sales comparison approach is $3,504,000, and the indication of value for the property by the income approach it is $2,664,602. The indication of value from the sales comparison was weighted 45% and the indication of value from the income approach was weighted 55%for a reconciled valuation of$3,042,311 for the property. Based on this review,the County recommends no change to the current valuation for the property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review, Chair Beattie made a motion to accept the County's recommendation of no change in value for the proper.Mr. Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0