Orange County NC Website
Browse       Search
DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 <br /> APPELLANT COUNTY <br /> 9880346537 Appeal 9880346537 County <br /> Kelly Wells represented the County and stated that the appellant is appealing the valuation of property <br /> known as 86 North Apartments on the basis that the income and expenses from 2020 suggest a lower <br /> valuation of$14,000,000 for this 144-unit apartment property. <br /> Ms. Wells stated that upon review of this property by CCA, CCA weighted the sales comparison <br /> approach at 45%and the income approach at 55%for a reconciled valuation of$16,083,286 for the <br /> property. As a result of this review, Orange County recommends increasing the economic market <br /> adjustment on the property from E05 to E07 for a revised valuation of$15,922,100 for the property. <br /> The Board reviewed all documents and information provided by the appellant and the County. After <br /> deliberation and review,Mr. Beattie made a motion to accept the County's revised valuation of <br /> $15,922,100 for the property. Ms. Levine seconded the motion and the motion carried. <br /> Yes: 3 <br /> Noes: 0 <br /> ANDREWS PIN 9778855967 <br /> Richard G. Andrews elected not to appear before the Board and requested that the submitted <br /> documentation serve as the appeal. The appellant is appealing the value of the property located at <br /> 101 S. Greensboro Street, Carrboro. The current assessed value of the property is $992,800. A list of <br /> evidence follows: <br /> APPELLANT COUNTY <br /> 9778855967 Appeal 9778855967 County <br /> Kelly Wells represented the County and stated the appellant is appealing the valuation of the property <br /> known as the Open Eye Caf6 on the basis that the income and expenses from 2020 suggest a lower <br /> valuation of$780,000. <br /> Ms. Wells stated that upon review of this property by CCA, CCA weighted the sales comparison <br /> approach at 45%and the income approach at 55%for a reconciled valuation of$807,354 for the property. <br /> As a result of this review, Orange County recommends decreasing the market adjustment on the land <br /> from 150%to 90%for a revised value of$807,500 for the property. <br /> The Board reviewed all documents and information provided by the appellant and the County.After <br /> deliberation and review,Mr. Beattie made a motion to accept the County's revised valuation of$807,500 <br /> for the property. Ms. Levine seconded the motion and the motion carried. <br /> Yes: 3 <br /> Noes: 0 <br />