2023-09-14 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID:3ACB38FB-1D97-4586-9480-003E257BCC45 Current Assessed Value $773,800 County Opinion $773,800 Time of Hearin 2:11 PM Appellant Opinion $251,032 County Representative Kelly Wells Board Decision $773,800 Evidence submitted by the appellant: • We believe that the assessment for parcel#9788372336 is overvalued based on our recent income and expense data.We believe that the market value for the property is $251,032. • A copy of income and expense data. Evidence submitted by the county representative: • The subject property is a brick office building with 3,783 square feet located at 107 N. Columbia St.,Chapel Hill. Market data supplied by Analytical Consultants indicates a potential gross income of$23/square foot,22% expense rate and an unloaded capitalization rate of 7% (8.67% loaded)for an office building in downtown Chapel Hill. Based on these rates including the local tax rate, it was determined that the current valuation is supported,and the County recommends no change in value. • Supporting expense rates supplied by Analytical Consultants for Office and Medical(Orange County&Triangle Market Area)and calculations. • Street view of the property. • Property Record Card with current valuation. Motion of the Board To accept the County's recommendation of no change in value Made the motion Tony Blake Seconded the motion Barbara Levine Voted For Leon Meyers Voted Against Property Identification: Property Owner Michael Everhart and Appellant(if different) Molly Chadbourne Property Address 6456 Yellow Rake Road Parcel ID or Abstract 9831824268 Statement of Appeal: Request to accept untimely PUV application that was submitted on Aug. 30,2023. Current Assessed Value N/A County Opinion Property would otherwise qualify for Present Use Value Time of Hearing 2:14 PM Appellant Opinion Accept untimely application for Present Use Value County Representative Dana Hall Board Decision Deny untimely application for Present Use Value