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Docusign Envelope ID:73800ED4-8534-47B7-912C-2015FEDEFDBO <br /> Seconded the motion Saru Salvi <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 9788164814.025 <br /> Unit 301 <br /> Statement of Appeal: Request a reduction in value based on the size of the unit and the fact that it only <br /> has one bedroom. <br /> Current Assessed Value $362,700 County Opinion $313,200 <br /> Time of Hearin 1:58 PM Appellant Opinion $260,000 <br /> County Representative Roger Gunn Board Decision $313,200 <br /> Evidence submitted by the appellant: <br /> • This is a one-bedroom unit. The comps listed are two-bedroom units and are larger. The <br /> highest rent I've been able to charge is $1,600 per month. HOA fees are$4,000 annually. At a <br /> tax valuation of$260.000,the annual property taxes are $4,500.Not factoring in any <br /> maintenance,utility,insurance, or vacancy expenses,this works out to a cap rate of just over <br /> 4%using my valuation of$260,000 and rent of$1,600 per month. This one-bedroom property <br /> is not worth over$300,000. The most recent tax value was $133,700. This would be a huge <br /> increase. <br /> Evidence submitted by the county representative: <br /> • The subject is a 764 square foot,one-bedroom, one bath unit in the Rosemary Village <br /> Condominiums project. The unit was formerly designated as an affordable housing unit. <br /> • Because of the lack of custom finishing being inherent in an affordable housing unit,the <br /> County recommends removing the 1.10 design factor and applying an additional 5% functional <br /> obsolescence to account for lack of customization. These recommended changes would reduce <br /> the current valuation to $313,200. <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$313,200 <br /> Made the motion Richal Vanhook <br /> Seconded the motion Saru Salvi <br /> Voted For Leon Meyers <br /> Voted Against <br />