2021_11_18 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:9A676531-F35E-4E66-B48C-3107043DBD2E Daniel Boone LLC PIN 9864807203LI James E. Hopper appeared before the Board to appeal the value of the property located at 370 S. Churton Street,Hillsborough. The current assessed value of the property is $267,500. A list of evidence follows: APPELLANT COUNTY 9864807203LI Appeal 9864807203LI County The appellant is requesting that the Board reduce the valuation citing the fact that the cost to manage, maintain, and insure the subject property is more than the income derived from the property. The appellant gave no opinion of value for the property. Cyle Anderson represented the County and stated that the subject is leasehold improvements consisting of a restaurant building and parking lot constructed in 1990. Mr. Anderson stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 50%and the income approach at 50% for a reconciled valuation of$290,380 for the property.As a result of this review, Orange County recommends no change to the property's current valuation of$267,500. 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 valuation for the property. Mr. Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 Boone Square Inc. PIN 9874016614 James E. Hopper appeared before the Board to appeal the value of the property located at 110 Boone Square Street,Hillsborough. The current assessed value of the property is $7,736,500.A list of evidence follows: APPELLANT COUNTY 9874016614 Appeal 9874016614 County The appellant stated that taxes have increased 58%and is requesting that the Board reduce the valuation based on the main anchor tenant business being down due to the pandemic and a couple of other tenants trending the same way with rents getting worse and tenants not being able to keep up with paying rent. The appellant gave no opinion of value for the property, Cyle Anderson represented the County and stated that the subject property is a 19.22 acre retail tract, and after reviewing the subject property, the County recommends increasing the market adjustment on the land to -75%. Which would result in a revised valuation of$4,200,000 for the subject 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 $4,200,000 for the property. Ms. Levine seconded the motion and the motion carried.