2021_10_13 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:3067492C-60EC-432D-9750-FF3FBB8741DF property. As a result of this review, Orange County recommends applying an E06 economic market adjustment to the property for a revised valuation of$3,143,100 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 recommendation of value of $3,143,100 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 CHAPEL HILL NORTH STATION LLC PIN 9880275036 Alexander Carr 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 the property located at 1838 Martin Luther King Jr. Boulevard, Chapel Hill,The current assessed value of the property is $19,557,900. A list of evidence follows: APPELLANT COUNTY 9880275036 Appeal 9880275036 County The appellant is appealing the valuation on the basis that the property's income and expenses from 2018 through 2020 suggest a lower valuation of$13,368,000 for this property. Roger Gunn represented the County and stated that upon review of this property by CCA, it was determined that the indicated value of the property by the sales comparison approach is $177.23 per square foot or$16,883,401 and the indicated value by the income approach is $16,249,449. The sales comparison approach was weighted 45%and the income approach was weighted 55%for a reconciled valuation of$16,534,727 for the property. As a result of this review, Orange County recommends applying an E10 economic market adjustment to the property for a revised valuation of$16,515,700 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 accept the County's recommended valuation of $16,515,700 for the property. Mr. Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 Having heard all of the appeals scheduled on this date, Mr. Beattie made a motion to adjourn this meeting at 2:20 PM. The motion was seconded by Ms. Levine and the meeting was adjourned.