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Docusign Envelope ID:73800ED4-8534-47B7-912C-2015FEDEFDBO <br /> Motion of the Board Accept the Coun 's recommendation of no change in value <br /> Made the motion Saru Salvi <br /> Seconded the motion Richal Vanhook <br /> Voted For Leon Meyers <br /> Voted Against <br /> Property Identification: <br /> Property Owner NKB Properties LLC Appellant(if different) <br /> Property Address 400 W. Rosemary Street, Parcel ID or Abstract 9788164814.022 <br /> Unit 208 <br /> Statement of Avveal: Request a reduction in value based on the size of the unit and garage. <br /> Current Assessed Value $439,300 County Opinion $379,400 <br /> Time of Hearin 1:55 PM Appellant Opinion $375,000 <br /> County Representative Roger Gunn Board Decision $379,400 <br /> Evidence submitted by the appellant: <br /> • This property does not have a functional garage, as the garage is too small to fit a car. This <br /> specific unit is smaller than all of the other two-bedroom units because it was thrown in by the <br /> original developer to meet affordable housing requirements. <br /> • This is the smallest two-bedroom unit at the complex. The highest rent I've been able to charge <br /> is $2,200 per month. HOA fees are$4,000 annually. At a tax valuation of$375,000,the annual <br /> property taxes are$6,572.Not factoring in any maintenance,utility,insurance,or vacancy <br /> expenses,this works out to a cap rate of under 4.5%using my valuation of$375,000 and rent <br /> of$2,200 per month. The most recent tax value was $165,300. This would be a huge increase. <br /> Evidence submitted by the county representative: <br /> • The subject is a 1,017 square foot,two-bedroom,2 bath unit in the Rosemary Village <br /> Condominiums project. As the appellant stated,the subject is the smallest two-bedroom unit in <br /> the project and was formerly designated as an affordable housing unit. <br /> • Because of the lack of custom finishing being inherent in an affordable housing unit and due to <br /> the subject being the smallest two-bedroom unit by almost 200 square feet,the County <br /> recommends removing the 1.10 design factor and applying 5% functional obsolescence to <br /> account for the smaller size and undersized garage. These recommended changes would <br /> reduce the current valuation to $379,400. <br /> • Photograph of Rosemary Village Condos <br /> • Location Map of Subject <br /> • Current Property Record Card of Subject <br /> • Proposed Property Record Card of Subject <br /> Motion of the Board Accept the Coun 's revised value of$379,400 <br /> Made the motion Richal Vanhook <br />