2021_10_20 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 Chair Hunter Beattie called the meeting to order at 1:01 PM. PONS FAMILY LLC PIN 9788160168 Marc Pons &Paul Snow appeared before the Board to appeal the value of the property located at 502 W. Franklin Street, Chapel Hill. The current assessed value of the property is $1,492,100. A list of evidence follows: APPELLANT COUNTY 9788160168 Appeal 9788160168 County The appellant is requesting that the Board reduce the valuation to $800,000 based on income and expenses from 2020 and a prior appraisal provided with an effective date of October 3,2014.-The appellant states that most of the value of the property is derived from the land with marginal value attributable to the building. Jimmy Milliken represented the County and 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$856,483 for the property. As a result of this review, Orange County recommends adding a market adjustment of-48%to the land value for a revised overall value of$854,400 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 revised value of$854,400 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 PONS FAMILY LLC PIN 9788162219 Marc Pons &Paul Snow appeared before the Board to appeal the value of the property located at 464 W. Franklin Street, Chapel Hill. The current assessed value of the property is $1,695,300. A list of evidence follows: APPELLANT COUNTY 9788162219 Appeal 9788162219 County Mr. Pons requested to hear the County's recommendation first. Jimmy Milliken represented the County and stated the appellant is appealing the valuation on the basis that the building is minimally functional and quite outdated and the appellant is suggesting a lower valuation of$800,000 for the property. Mr. Milliken stated that upon review of this property by CCA, CCA determined that the land needs an additional-3%market adjustment(-25%to-28%)and an economic market factor of-50%applied to the property. As a result of this review, Orange County recommends a revised value of$814,600 for the property.