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DocuSign Envelope ID: D94409AB-B2D5-4E05-B3FC-26A40C01CO2F <br /> APPELLANT COUNTY <br /> 9824980078 Appeal 9824980078 County <br /> Cyle Anderson represented the County and stated the appellant's opinion of value for the property is <br /> $1,800,000. The appellant provided an appraisal with this appeal which had an effective valuation date of <br /> August 9,2019 and an opinion of value of$1,800,000 for the property. <br /> Upon review of this property by CCA, CCA weighted the sales comparison approach at 50%and the <br /> income approach at 50% for a reconciled valuation of$1,924,264.As a result of this review, Orange <br /> County recommends applying an E36 economic market adjustment to the property for a revised valuation <br /> of$1,909,100 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 /> $1,909,100 for the property. Ms. Levine seconded the motion and the motion carried. <br /> Yes: 3 <br /> Noes: 0 <br /> THE CHAPEL HILL TENNIS CLUB INC. PIN 9778510698 <br /> Dave Pawloski elected not to appear before the Board on behalf of The Chapel Hill Tennis Club Inc. and <br /> requested that the submitted documentation serve as the appeal. The appellant is appealing the value of <br /> the property located at 403 Westbrook Drive, Chapel Hill. The current assessed value of the property is <br /> $3,007,000. A list of evidence follows: <br /> APPELLANT COUNTY <br /> 9778510698 Appeal 9778510698 County <br /> Kelly Wells represented the County and stated the appeal is based on multiple years of income and <br /> expense data and the bulk of the property being located in a flood plain suggesting a lower valuation of <br /> $1,250,000. <br /> Upon review of this property, CCA determined that the indicated value from the sales comparison <br /> approach is $2,448,097 with no indicated value by the income approach. As a result of this review, <br /> Orange County recommends increasing the market adjustment on the land from-90%to -93%,thereby <br /> reducing the valuation of the property from$3,007,000 to $2,433,100. <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 /> $2,433,100 for the property. Ms. Levine seconded the motion and the motion carried. <br /> Yes: 3 <br /> Noes: 0 <br />