2021_12_13 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:639C5139-26DA-4AC3-8274-8C6D5BE5A52A The appellant is requesting that the Board lower the valuation citing the fact that the subject property has easements,topographical issues, environmental issues like ground water contamination, and town and state requirements all of which will hinder development9873698276the property. The appellant stated that the subject property will be developed in the future for commercial uses of various sizes. However, the subject's 23 acres will need environmental cleanup that will affect the timeframe of development and should affect the parcel's assessed value. Due to the environmental contamination and other issues,the appellant's opinion of value for the property is $2.69 per square foot. Cyle Anderson represented the County and stated that the parcel has been split into four separate parcels since January 1,2021 with one parcel known as PIN 9873698536 containing 5.99 acres selling in March of 2021 for$1,850,000 or$7.09 per square foot. Although this sale was not considered in the revaluation due to the sale occurring after January 1, 2021,it is important to note that the subject property is indeed saleable and developable in its current state. Additionally the land is already receiving a-75%value reduction and is being valued at$3.69 per square foot. Mr.Anderson stated however that after reviewing the subject property and comparable sales in the area,the County recommends applying 99%depreciation to the garage listed as a yard item.As a result of this review, Orange County recommends a revised valuation of$3,698,500 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 $3,698,500. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 PALIOURAS ENTERPRISES LLC PIN 9873694294 John Cocklereece appeared before the Board on behalf of Paliouras Enterprises to appeal the valuation of the 1.98 acre property identified as Lot 2,Paliouras Enterprises LLC,PB 118/44,Hillsborough. The current assessed value of the property is $2,030,500. A list of evidence follows: APPELLANT COUNTY 9873694294 Appeal 9873694294 County The appellant is requesting that the Board lower the valuation citing the fact that the subject property has the same environmental and other issues as was discussed for PIN 9873698276 affecting the subject's timeframe and cost for development. The appellant's opinion of value for the property is $950,000. Cyle Anderson represented the County and stated that after reviewing the subject property and comparable sales in the area,the County recommends removing the+60%market adjustment applied to the land.As a result of this review, Orange County recommends a revised valuation of$1,269,100 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 County's revised value of$1,269,100 for the property. Mr.Meyers seconded the motion and the motion carried.