2021_10_13 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:3067492C-60EC-432D-9750-FF3FBB8741DF Merritt PIN 9874515074 Deborah Merritt elected not to appear before the Board and requested that the submitted documentation serve as the appeal. The appellant is appealing the value of the property located at 1804 NC 86 South, Hillsborough. The current assessed value of the property is $1,155,900.A list of evidence follows: APPELLANT COUNTY 9874515074 Appeal 9874515074 County Cyle Anderson represented the County and stated that the property is an owner-occupied warehouse/warehouse showroom building constructed in 1974 and 1997. The appellant is requesting that the Board reduce the valuation of the property to $1,000,000 stating that the increase in valuation for 2021 is way too high. However,the appellant provided no evidence to support their opinion of value. Cyle Anderson represented the County and stated that upon review of this property by CCA, it was determined that the indication value of the property by the sales comparison approach is $873,611 and the indication of value by the income approach it is $932,444. The sales comparison approach was weighted 60%and the income approach was weighted 40%for a reconciled valuation of$897,144 for the property. As a result of this review, Orange County recommends applying an E23 economic market adjustment to the property for a revised valuation of$890,100 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 value of $890,100 for the property. Mr.Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 GANDHI HAMPTON POINT LLC PIN 9873599448 Jeri Wells and Floyd Allen appeared before the Board on behalf of Gandhi Hampton Point LLC to appeal the value of the property located at 618 Hampton Point Boulevard,Hillsborough. The current assessed value of the property is $3,343,800. A list of evidence follows: APPELLANT COUNTY 9873599448 Appeal 9873599448 County The appellant stated that the property is a convenience store/fast food restaurant built in 2007. The appellant is appealing the valuation of the property on the basis that the income and expenses from 2019 suggest a lower valuation of$ 2,300,000 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 of the property by the sales comparison approach is $3,349,434 and indication of value by the income approach is $2,958,892. The sales comparison approach was weighted 50%and the income approach was weighted 50%for a reconciled valuation of$3,154,163 for the