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DocuSign Envelope ID:68D8F6E6-2DBA-4A21-88B6-65745F8FEE4F <br /> Property Identification: <br /> Property Owner Coles Ives&Rubish Inc. Appellant(if different) f Brendan Seyring(rep.) <br /> Property Address 105 E. Main Street Parcel ID or Abstract 19778867097 <br /> Statement of Appeal: Appeal based on un-supported income and expense rates. <br /> Current Assessed Value $941,600 ounty Opinion No change in current value <br /> Time of Hearin 1:08 PM Appellant Opinion $489,024 <br /> County Representative Kelly Wells Board Decision No change in value <br /> Evidence submitted by the appellant: <br /> • General appointment of agency <br /> • 2022 Fair Property Tax Valuation Analysis on 9778867097 <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, a mini bank and 0.46 acres of land. The appeal is based on the appellant's pro- <br /> forma income approach suggesting a valuation of$489,024.No support for the appellant's <br /> income or expenses was provided in the appeal for comparison with local market derived rates. <br /> As a 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%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$953,162. As <br /> a result of this review, Orange County recommends no change in the current value. <br /> • Property record card for Parcel 9778867097 <br /> • Arial map of Parcel 9778867097 <br /> • Comparison with similar sized sales of bank properties <br /> • Retail rental,vacancy, and operating expense rates <br /> • Bing maps of subject property and comparable properties <br /> • 3 pictures of subject property <br /> Motion of the Board Accept the county recommendation of no change in value <br /> Made the motion Hunter Beattie <br /> Seconded the motion Barbara Levine <br /> Voted For Leon Meyers <br /> Voted Against <br />