2025_07_09 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID:73800ED4-8534-47B7-912C-2015FEDEFDBO Property Identification: Property Owner NKB Properties LLC Appellant(if different) Property Address 400 W. Rosemary Street, Parcel ID or Abstract 9788164814.026 Unit 304 Statement of Appeal: Request a reduction in value based on the size of the unit and the fact that it only has one bedroom. Current Assessed Value $357,000 County Opinion $308,300 Time of Hearin 2:01 PM Appellant Opinion $260,000 County Representative Roger Gunn Board Decision $308,300 Evidence submitted by the appellant: • This is a one-bedroom unit. The comps listed are two-bedroom units and are larger. The highest rent I've been able to charge is $1,600 per month. HOA fees are$4,000 annually. At a tax valuation of$260.000,the annual property taxes are $4,500.Not factoring in any maintenance,utility,insurance, or vacancy expenses,this works out to a cap rate of just over 4%using my valuation of$260,000 and rent of$1,600 per month. This one-bedroom property is not worth over$300,000. The most recent tax value was $131,600. This would be a huge increase. Evidence submitted by the county representative: • The subject is a 752 square foot,one-bedroom, one bath unit in the Rosemary Village Condominiums project. The unit was formerly designated as an affordable housing unit. • Because of the lack of custom finishing being inherent in an affordable housing unit,the County recommends removing the 1.10 design factor and applying an additional 5% functional obsolescence to account for lack of customization. These recommended changes would reduce the current valuation to $308,300. • Photograph of Rosemary Village Condos • Location Map of Subject • Current Property Record Card of Subject • Proposed Property Record Card of Subject Motion of the Board Accept the Coun 's revised value of$308,300 Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For Leon Meyers Voted Against Chair of the igned by: Leon Meyers 7/11/2025