2021_11_18 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:9A676531-F35E-4E66-B48C-3107043DBD2E Cates Creek Apartments LLC PIN 9873251980 Alexander Carr elected not to appear before the Board and requested that the submitted documentation serve as the appeal. The appellant is appealing the value of the property located at 100 Waterstone Park Circle,Hillsborough. The current assessed value of the property is $36,494,000.A list of evidence follows: APPELLANT COUNTY 9873251980 Appeal 9873251980 County Cyle Anderson represented the County and stated the subject property is a 270-unit apartment complex built in 2015 and the appellant is requesting a valuation of$33,412,000 for the property based on 2020 income and expenses for the property. Mr. Anderson stated that 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$36,745,844 for the property As a result of this review, Orange County recommends applying an E01 neighborhood modifier for a revised valuation of$36,129,700. 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 $36,129,700. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 William Geoffrey Brantley Trust PIN 9893410649 William Brantley elected not to appear before the Board and requested that the submitted documentation serve as the appeal. The appellant is appealing the value of the property located at 6709 Mt. Hermon Church Road, Durham. The current assessed value of the property is $1,539,700.A list of evidence follows: APPELLANT COUNTY 9893410649 Appeal 9893410649 County The appellant requests a valuation of$1,200,000 for the property based on an appraisal with an effective valuation date of January 13,2021 and an opinion of value of$1,200,000 for the property. Cyle Anderson represented the County and stated that the subject property is a warehouse building with office space, and after reviewing both the property and the appraisal,the County recommends reducing the grade from B to C+10 and reducing the effective year built from 2005 to 1997. These changes would result in a revised valuation of$1,194,200 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 $1,194,200 for the property. Mr. Meyers seconded the motion and the motion carried.