2025_07_23 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID:55C8A716-89E4-4018-AB48-1F92375EE447 Property Owner Knowehead Group LLC Appellant(if different) Property Address 403 Smith Avenue Parcel ID or Abstract 19788215807 Statement of Appeal: Request a reduction in value based on the age of the property and the cost to maintain the property. Current Assessed Value $1,232,500 County Opinion $1,232,500 Time of Hearin 3:22 PM Appellant Opinion $1,000,000 County Representative Roger Gunn Board Decision $1,232,500 Evidence submitted by the appellant: • Properties are 100 years old and incur significant ongoing maintenance costs. Evidence submitted by the county representative: • The subject is composed of three duplexes,each having,2025 square feet and each constructed in 1952(73 years old). • Per the County's commercial appraisal consultant, " 1.)The owner purchased in late 2022 for $1,225,000 right in line with market prices for older properties that are similar in walkability to campus. 2.)The owner did not provide any income information,just states its expensive to own and manage. I note that they do not seem local, and a local owner might have a different experience. 3.)1 did not provide an income approach. They provided the County no Income& Expense data, so I didn't have anywhere to start. It's important to note that a lot of this product is purchased based on gross income because the expenses greatly vary depending on how its managed. A lot of buyers are local and actually do work and management themselves. For instance,Johnson Street sold at a 190 GRM! We can see what the owner says gross income is, but if it was $9,000 a month or$1,500 per unit per month,which is likely low,that would put it at$1,700,000 with a 190 GRM at the County Assessed Value it would be a 137 GRM. I'm not saying that's what it is,just pointing out that cap rates are less important here. 4.)Let me know if you want a GIM approach to value. It just seems like extra work when all of the comps and the recent previous sale point to the same credible number range." • Photograph of Subject • Location Map of Subject Property • Current Property Record Card of Subject • Sales Comparison Approach for Subject Motion of the Board Accept the Coun 's recommendation of no change in value Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For Leon Meyers Voted Against Property Identification: Property Owner I Knowehead Group LLC Appellant(if different)