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Docusign Envelope ID: B5858B14-F04A-4D5A-8564-5E2A3DAAE086 <br /> offer was for$900,000 and the second offer was $700,000. According to a commercial lender <br /> at Fidelity Bank NC,who is based in Chapel Hill,comparable properties to Unit 300 are <br /> running far below the value that Orange County has assessed this Suite at. It should never have <br /> been assessed at$235/square foot which,I believe,was largely based on an income earning <br /> portfolio transaction of two newer buildings adjacent to the property located at 1506 E Franklin <br /> Street." <br /> Evidence submitted by the county representative: <br /> • The property under appeal is an office condominium located at 1506 E Franklin Street, Suite <br /> 300,in Chapel Hill. The appellant provided an appraisal with an effective date of May 13, <br /> 2022,which was post revaluation. <br /> • A sales report of comparable office condominiums sold prior to January 1,2021 was conducted <br /> and the average sales price per square foot was $191.73. Also included was an equity analysis <br /> of office condominiums from the same condominium project as the subject and the average <br /> value per square foot was $248.71. <br /> • To bring the subject unit more in line with other comparable units as of 1/1/2021,the County <br /> applied an E5 market adjustment,which lowered the assessed value to $1,093,400,or <br /> $220/square foot. The County recommends a revised value of$1,093,400 for the subject <br /> property. <br /> • GIS Aerial. <br /> • Photos. <br /> • Formal appeal. <br /> • Appraisal provided by the appellant. <br /> • Property Record Card(before changes). <br /> • Property Record Card(after changes). <br /> • Sales Analysis <br /> • Equity Analysis. <br /> Motion of the Board Accept the County's revised value of$1,093,400 <br /> Made the motion Barbara Levine <br /> Seconded the motion Tony Blake <br /> Voted For Leon Meyers <br /> Voted Against <br /> Property Identification: <br /> Property Owner Todd P. Edwards Appellant(if different) <br /> Property Address 620 East Franklin Street Parcel ID or Abstract 9788688432 <br /> Statement of Appeal: Request change in value based on comparable sales. <br /> Current Assessed Value $3,327,300 County Opinion $2,242,100 <br /> Time of Hearin 1:52 PM Appellant Opinion $2,200,000 <br /> County Representative Roger Gunn Board Decision $2,242,100 <br />