2021_11_17 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID: D94409AB-B2D5-4E05-B3FC-26A40C01CO2F plans have been finalized.Upon review of the property,the County recommends reducing the land valuation by applying a-50%market adjustment for location and use for a revised value of$507,400 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 valuation of$507,400 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 2:00 PM. Mr. Beattie called the meeting back to order at 1:59 PM. CCP Chapel Hill 0806 LP PIN 9799141643 Katie McGee appeared before the Board on behalf of CIG Chapel Hill 0806 LLC,to appeal the value of the property located at 1602 E. Franklin Street, Chapel Hill. The current assessed value of the property is $5,053,800. A list of evidence follows: APPELLANT COUNTY 9799141643 Appeal 9799141643 County The appellant is requesting a lower value for the subject property due to the property's 2020 income and expenses and poor financial performance. Ms.McGee summarized the income documentation provided to the Board members. In addition,Ms. McGee suggested adjustments to the County data offering corrections in square footage for three of the County's comparable properties, suggesting an average value of$78.20 per square foot or$3,279,000 for the subject property. Jimmy Milliken represented the County and stated the subject is known as Signature Health Care of Chapel Hill.Upon review of this property by CCA, CCA determined that the indicated value of the property by the sales comparison approach is $3,964,375. As a result of this review Orange County recommends increasing the market adjustment on the land from-30%to -50% and adding an E02 economic market adjustment to the property for a revised valuation of$3,952,900. Chris Mashburn from CCA verified that upon further analysis,the square footage of on one of the comparable properties agrees with the tax representative's square footage for that 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 reduce the valuation of the subject property to $3,279,000. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0