2021_12_13 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:639C5139-26DA-4AC3-8274-8C6D5BE5A52A Jacques El-Chayeb appeared before the Board to appeal the valuation of the property located at 101 Conner Drive Unit 201, Chapel Hill. The current assessed value of the property is$585,600. A list of evidence follows: APPELLANT COUNTY 9799038088.013 Appeal 9799038088.013 County The appellant is requesting that the Board lower the valuation to$520,000 citing a 6%capitalization rate would produce a valuation of$520,000 for this income producing property. Cyle Anderson represented the County and stated the subject property is an office condominium located off Conner Drive in Chapel Hill and upon review of this property by CCA, CCA determined that the indicated value of the property by the sales comparison approach is $632,570 and the indicated value by the income approach is$527,131. The indication of value from the sales comparison approach was weighted 60% and the indication of value from the income approach was weighted 40%for a reconciled valuation of$590,395. As a result of this review, Orange County recommends no change to the current valuation of$585,600. 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 value for the property. Mr. Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 HALL PIN 9874066658 James Ray Hall 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 at 138 N. Churton Street, Hillsborough. The current assessed value of the property is $772,600.A list of evidence follows: APPELLANT COUNTY 9874066658 Appeal 9874066658 County Cyle Anderson represented the County and stated the appellant is appealing the valuation on the basis that the building is in various states of disrepair. The appellant provided a detailed written summary of the issues with the building as well as the driveway. The appellant's opinion of value is $735,200 for the property. Mr. Anderson stated that the County conducted a field inspection on December 6°2021 and after reviewing the subject property,the County recommends decreasing the effective year built from 2005 to 1996. This change would lead to a revised valuation of$736,600 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 valuation of$736,600 for the property. Ms. Levine seconded the motion and the motion carried.