2024-06-06 BOER Minutes - Laserfiche WebLink

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DocuSign Envelope ID:8CA5849B-B380-455F-8C08-8BA4656DC33A Statement of Appeal: This appeal is a continuation from June 4, 2024. The appellant has requested a change in value based on sales of comparable properties. Current Assessed Value See attached list County Opinion See attached list Time of Hearing 2:10 PM Appellant Opinion See attached list County Representative Roger Gunn Board Decision $116,000 revised value on all 87 PINs Evidence submitted by the appellant: • The appellant has provided a sales report of twenty-one comparable properties. The report lists an average sale price of$196,798 and median sale price of$195,000. The average price per square foot of living area is $191.61 and the median is $192.12. Evidence submitted by the county representative: • The subject condominium project known as University Gardens was constructed in 1965 and contains 32 flat style and 64 townhouse style units. Of the 96 total units, 87 units are under appeal.The flat units all contain 1,053 square feet and range in assessed values from $71,400 to$97,500 with $74,100 being the predominant value. Most of the townhouse style units have 1,026 square feet, with a few units containing 988 square feet, and the townhouse style units range in assessed values from $70,500 to$96,200 with $73,100 being the predominant value.Almost all units have 2000 as the effective year built.The predominant values of each style reflect an E24 market adjustment because at the time of the revaluation,these 64 units were owned by The Best of M LLC and basically ran and managed as apartments.Therefore, these units were valued collectively by the income approach and an E24 market adjustment was applied to these units to arrive at pro-rata values for these units. Since 2021, all but eleven of the units in the project have been transferred to three different investors/investment groups, including the units previously owned by The Best of M LLC. • It can be argued that since the units in the project can be individually transferred, and since the units are not all owned by a single investor/investment group,the units should not be valued collectively.As evidenced by the subject photographs,the subject project is currently in the process of being renovated with the units in Buildings G & H under construction as of January 1, 2024. In selecting comparable sales for the subject units,the challenge was to find sales of similar units,that like the subject, have had little remodeling and have similar electric heat and wall unit air conditioning. Most comparable sales submitted by the appellant exhibit remodeling and have modern conventional central heating and cooling.The comparable sales selected by the County are considered the most similar sales for the subject units available. • In a review of the subject units, some slight inconsistencies in heating exist, causing slight variations in values between similar units. It is the county recommendation for all the appealed units to correct the heat type of these units to electric and remove the E24 market adjustment from the units formerly owned by The Best of M LLC.The resulting recommended values for each unit are included in the Valuation Summary of Appealed Properties spreadsheet. • Summary of County Position • Valuation Summary of Appealed Units • GIS Location Map of Subject Units