2021_10_20 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 Mr. Hiltbold stated that upon review of this property by CCA, CCA determined that the indicated value from the sales comparison approach was $65,714 per unit or$328,571 and the indicated value from the income approach was $353,359. The indicated value from the sales comparison approach was weighted only 25%due to a lack of apartment sales with similar numbers of units, and the indicated value from the income approach was weighted 75%for a reconciled value of$347,162. After a field review of the property, it was discovered that there were seven stoops attached to the building that were not being recorded on the property record. The County recommends adding the seven stoops to the property record as well as reducing the effective year built of the building from 2002 to 1997 based on the building condition. The County also recommends correcting the amount of paving to 2,405 square feet and removing a commercial lump sum adjustment from the special features/yard items.After applying these changes,the County further recommends applying an E16 economic market adjustment to the property for a revised valuation of$346,300 for the property. 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 changes and revised value of$346,300 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 Mr. Beattie made a motion to recess the meeting until 3:45 PM Mr. Beattie called the meeting back to order at 3:45 PM. HUMAGE HOLDINGS LLC PIN 9778860041 Grace Holton appeared before the Board to appeal the value of the property located at 105 W. Main Street Unit B, Carrboro. The current assessed value of the property is $290,500. A list of evidence follows: APPELLANT COUNTY 9778860041 Appeal 9778860041 County The appellant is requesting that the Board reduce the valuation citing the fact that the property is a small concrete block building on a slab and the land is just a bit larger than the building. The appellant feels the assessed value is too high considering the building's size and year built. Kelly Wells represented the County and stated the appeal is based on an inequitable increase in value compared to nearby parcels and the lack of parking on the subject property. The appellant's opinion of value is $250,800 for the property. Ms.Wells stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 50%and the income approach at 50%for a reconciled valuation of$254,441. As a result of this review, Orange County recommends decreasing the current market adjustment on the land from 75%to 23%for a revised valuation of$254,200 for the property.