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DocuSign Envelope ID:68D8F6E6-2DBA-4A21-88B6-65745F8FEE4F <br /> Property Identification: <br /> Property Owner NCNB National Bank of NC Appellant(if different) f Brendan Seyring(rep.) <br /> Property Address 100 Banks Drive Parcel ID or Abstract 19880354610 <br /> Statement of Appeal: Appeal based on un-supported income and expense rates. <br /> Current Assessed Value $1,650,600 ounty Opinion $874,900 <br /> Time of Hearin 1:04PM Appellant Opinion $495,360 <br /> County Representative Kelly Wells Board Decision $874,900 <br /> Evidence submitted by the appellant: <br /> • General appointment of agency <br /> • 2022 Fair Property Tax Valuation Analysis on 9880354610 <br /> Evidence submitted by the county representative: <br /> • Power of attorney for representative <br /> • Orange County Board of Equalization&Review summary of the subject property that includes <br /> a bank branch and 1.12 acres of land. The appeal is based on the appellant's pro-forma income <br /> approach suggesting a valuation of$495,360.No support for the appellant's income or <br /> expenses was provided in the appeal for comparison with local market derived rates.As a <br /> result,the County based rents and rates on 2019/2020 Costar and local market analysis <br /> reported retail rates. The local market analysis suggests an expense ratio of 22.67%of effective <br /> gross income, of which the tax liability constitutes approximately 90%. Therefore,an expense <br /> ratio of 10%ratio was applied to the effective gross income in order to derive the estimated net <br /> operating income for the property. Upon review of this property, it was determined that the <br /> indicated value from the sales comparison approach was weighted 45%and the indication of <br /> value from the income approach was weighted 55%for a reconciled valuation of$883,606.As <br /> a result of this review, Orange County recommends adding a primary neighborhood modifier <br /> of E47 resulting in a decreased valuation from$1,650,000 to $874,900. <br /> • Property record cards indicating before&after changes and values. <br /> • Arial map of Parcel 9880354610 <br /> • Comparison of Parcel 9787044829.001 with similar sized sales <br /> • 2 pictures of subject property <br /> Motion of the Board Accept the County's recommended decrease in valuation to $874,900 <br /> Made the motion Hunter Beattie <br /> Seconded the motion Leon Meyers <br /> Voted For Barbara Levine <br /> Voted Against <br />