2021_12_13 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:639C5139-26DA-4AC3-8274-8C6D5BE5A52A 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 $4,094,000 for the property. Mr. Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 Mr. Beattie made a motion to recess the meeting until 4:30 PM. Mr. Beattie called the meeting back to order at 4:30 PM. ASRANI PIN 9798654944 Sanjay Asrani appeared before the Board to appeal the valuation of the property located at 329 Circle Park Place, Chapel Hill. The current assessed value of the property is$1,140,500. A list of evidence follows: APPELLANT COUNTY 9798654944 Appeal 9798654944 County The appellant is requesting that the Board lower the valuation citing the fact that the townhouse was bought three years ago for$895,000 and the prior sales of the subject property involved internal arrangements with the same family members and do not reflect the current market value for the property. The appellant stated that the subject property is one of the larger townhomes on the circle and seems hard to sell due to the size and because the population to which the sale is usually targeted is retired people. The appellant stated that no renovations have occurred for the subject property since construction in contrast to other properties surrounding subject property. The appellant's opinion of value for the subject value is $1,040,000. Cyle Anderson represented the County and stated the appellant provided an appraisal with the informal appeal with an effective valuation date of May 14, 2020 and an opinion value of$975,000 for the property. After reviewing the property and the appraisal, Orange County recommends removing a screen porch from the sketch and changing the basement from 75%finished and 25%unfinished to 50%finished and 50%unfinished. Comparable properties that have sold in the subject's neighborhood were also reviewed and an equity analysis was also performed. These properties were all"fan lots"like the subject property. After reviewing both the comparable sales and performing the equity analysis,no further changes are recommended. The County recommends a revised valuation of$1,107,000 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 $1,107,000 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0