2024-08-14 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID: B5858B14-F04A-4D5A-8564-5E2A3DAAE086 Evidence submitted by the appellant: • The Appellant provided three comparable properties to support their opinion of value. The first,PIN 978878142, is located at 704 E Franklin Street in Chapel Hill. The 2024 assessed value of this property is $2,240,800. The second,PIN 9788785857, is located at 729 E Franklin Street in Chapel Hill. The 2024 assessed value of this property is $2,109,519. The third, PIN 9788784950,is located at 721 E Franklin Street in Chapel Hill. The 2024 assessed value of this property is $2,396,900. Evidence submitted by the county representative: • The subject property is located at 620 E Franklin Street in Chapel Hill. A field inspection was conducted on August 2,2024. • The County performed a sales analysis on comparable properties in the subject's neighborhood. The result was an average price per square foot of$337.52. The subject property is currently assessed at$3,327,300, or$369 per square foot . With changes recommended by the County, the subject's assessed value would be reduced to $2,242,100,or$249 per square foot. At 9,013 heated square feet,the subject property has more heated square footage than the comparable properties. It has significantly more square footage in most cases. This results in a lower price per square foot for the subject property. • The County also performed an equity analysis. This analysis included the three comparable properties that were submitted by the appellant, as all were similar and in close proximity to the subject. The equity analysis resulted in an average value per square foot of$375.47. The subject is currently assessed at$3,327,300, or$369 per square foot. With changes recommended by the County,the subject's assessed value would be reduced to $2,242,100,or $249 per square foot. Again,the subject has more heated square footage than the comparable properties. This results in a lower value per square foot for the subject property. • After visiting the property,the County recommends removing a porch from the special features/yard items section of the property record card. The porch has an assessed value of $4,700. To bring the subject's assessed value in line with the values of similar properties as of January 1,2021,the County recommends reducing the quality grade from AA30 to A25. • These changes would reduce the assessed value from$3,327,300 to $2,242,100. The County recommends reducing the value of the subject property to $2,242,100. • Photo of subject property. • Property record card before changes. • Property record card after changes. • Sales report. • Property record card for sales comparables 1-3. • Equity analysis report. • Property record card for equity comparables 1-3. Motion of the Board Accept the County's revised value of$2,242,100 Made the motion Tony Blake Seconded the motion Barbara Levine Voted For Leon Meyers Voted Against