2021_12_13 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:639C5139-26DA-4AC3-8274-8C6D5BE5A52A APPELLANT COUNTY 9787143928 Appeal 9787143928 County Roger Gunn represented the County and stated that the subject property is an 8,081 square foot office building and the appellant is appealing the valuation on the basis that the appropriate income and expense indicators would suggest a lower valuation of$1,601,162 for this property. Mr. Gunn stated that upon review of this property by CCA, CCA determined that the indicated value from the sales comparison approach was weighted 50%and the indicated value from the income approach was also weighted 50%for a reconciled value of$1,763,900 for the property. As a result of this review, Orange County recommends applying an E22 economic market adjustment to the property for a revised valuation of$1,761,400 for the property.Mr. Gunn stated that the County's recommendation was communicated to the appellant in which the appellant agreed with the proposed reassessment. 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 value of$1,761,400 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 NP LODEN 505 FRANKLIN LLC PIN 9788150842 Reed Hollander elected not to appear before the Board on behalf of NP Loden 505 Franklin LLC and requested that the submitted documentation serve as the appeal. The appellant is appealing the value of the property located at 505 W. Franklin Street, Chapel Hill. The current assessed value of the property is $7,310,800. A list of evidence follows: APPELLANT COUNTY 9788150842 Appeal 9788150842 County Roger Gunn represented the County and stated the subject property is a 22,151 square foot office and warehouse building. The appellant is appealing the valuation on the basis that the recent appraisal and purchase price of the subject suggest a lower valuation of$4,100,000 for this property. Mr. Gunn stated that upon review of this property by CCA, CCA determined that the indicated values communicated in the client's appraisal report were accurate as of January 1,2021. The indicated value from the sales comparison approach was $4,400,000 and the indicated value from the income approach was $4,105,000. CCA recommended adjusting the value to $4,105,000,which coincides with the June 15, 2021 sales price fort this subject property. As a result of this review, Orange County recommends applying an E44 economic market adjustment to the property for a revised valuation of$4,094,000.