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2023-06-21 BOER MINUTES
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6/23/2023 10:53:17 AM
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Date
6/21/2023
Meeting Type
Regular Meeting
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Advisory Bd. Minutes
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2023-06-21 Agenda BOER
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DocuSign Envelope ID:6898C834-3C6B-44B2-9207-29080FB15A89 <br /> Property Identification: <br /> Property Owner WRH Dobbins Hill I LLC Appellant(if different) Kevin Baker <br /> Property Address 1749 Dobbins Drive Parcel ID or Abstract 9799595134 <br /> Statement of Appeal: Requested reduction in value based on recent income and expense data. <br /> Current Assessed Value $5,655,900 1 County Opinion $4,684,000 <br /> Time of Hearing 1:02 PM Appellant Opinion $4,820,000 <br /> County Representative Kelly Wells Board Decision $4,684,000 <br /> Evidence submitted by the appellant: <br /> • The income and expense data provided do not support the current valuation of the Low <br /> Income Housing tax credit apartment complex. <br /> • The property is smaller and has limited appeal in the market. <br /> • Being grouped with a sister property with a different owner but sharing the same staff, <br /> management and service contracts should reflect in the value to meet the market. <br /> Evidence submitted by the county representative: <br /> • The subject property known as Dobbins Hill I consists of a Low Income Housing Tax Credit <br /> (LIHTC) apartment complex with 55 units on 4.9 acres and is valued as a single property, not <br /> in conjunction with the sister properties. <br /> Market data provided by Analytical Consultants for LIHTC properties indicate a market <br /> vacancy and loss rate of 5%, an operating expense rate of 52% and a capitalization rate of 5%. <br /> Based on the NC Housing LIHTC rents supplied for this project and these rates, including the <br /> local tax rate, it was determined that the indicated value by the income approach is <br /> $4,715,308. There were no recent comparable sales available nearby to support the sales <br /> comparison approach. <br /> Orange County recommends changing the primary neighborhood modifier from E36 to E47, <br /> resulting in a decrease in the valuation from $5,655,900 to $4,684,000. <br /> • Supportive rates supplied by Analytical Consultants for LIHTC apartments and calculations. <br /> • Aerial view of subject property. <br /> • Property record cards indicating before and after changes and values. <br /> Motion of the Board To accept the County's revised value of$4,684,000 <br /> Made the motion Tony Blake <br /> Seconded the motion Shannon Julian <br /> Voted For Barbara Levine <br /> Voted Against <br />
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