2021_10_21 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID: E2BCDBED-225D-4680-867C-DF3ABABC19E3 Jimmy Milliken represented the County and stated the appellant is asking for a lower valuation of $1,443,100 for the property but submitted no evidence in support of this opinion of value. Upon review of this property by CCA, CCA weighted the sales comparison approach at 25%and the income approach at 75% for a reconciled valuation of$2,254,376 for the property. CCA stated that they had reached out to the tax representative to request additional information and had no response. As a result of this review, Orange County recommends no change in value 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 recommendation of no change in value for the property. Mr. Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 ANTHEMUSA LLC PIN 9788141426 Bryson Tart from Cityplat LLC elected not to appear before the Board on behalf of ANTHEMUSA LLC, to appeal the value of the property located at 515 S. Merritt Mill Road, Chapel Hill. The current assessed value of the property is $1,606,300.A list of evidence follows: APPELLANT COUNTY 9788141426 Appeal 9788141426County Kelly Wells represented the County and stated the appellant is appealing the valuation of the property known as McCauley Trail Apartments on the basis that the income and expenses from 2018 through 2020 suggest a lower valuation of$1,587,000 for this 11-unit apartment property. Upon review of this property by CCA, CCA weighted the sales comparison approach at 45%and the income approach at 55% for a reconciled valuation of$1,621,158.After reviewing the property, Orange County recommends changing the grade of building 1 from A-15 to C and building 2 from grade B to C resulting in a total building value reduction from$816,400 to $680,900 . As CCA's review does not recommended a reduction in overall value,the County also proposes increasing the land value from $775,200 to$907,800 by changing the economic market factor on the property from E24 to E11 for a revised total valuation of$1,605,900. 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$1,605,900. 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 1:45 PM. The motion was seconded by Ms. Levine and the meeting was adjourned.