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DocuSign Envelope ID:6898C834-3C6B-44B2-9207-29080FB15A89 <br /> Property Identification: <br /> Property Owner Dobbins Hill II LLC Appellant(if different) Kevin Baker <br /> Property Address 1749 Dobbins Drive Parcel ID or Abstract 9799584892 <br /> Statement of Appeal: Requested reduction in value based on recent income and expense data. <br /> Current Assessed Value $2,062,400 1 County Opinion $1,718,700 <br /> Time of Hearing 1:06 PM Appellant Opinion $1,753,000 <br /> County Representative Kelly Wells Board Decision $1,718,700 <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 /> I <br /> Evidence submitted by the county representative: <br /> • The subject property known as Dobbins Hill II consists of a Low Income Housing Tax Credit <br /> (LIHTC) apartment complex with 20 units on 1.58 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 /> $1,730,862. 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 E40 to E50, <br /> resulting in a decrease in the valuation from $2,062,400 to $1,718,700. <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$1,718,700 <br /> Made the motion Tony Blake <br /> Seconded the motion Shannon Julian <br /> Voted For Barbara Levine <br /> Voted Against <br />