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Docusign Envelope ID:6E3F16AO-BC7B-4F9D-B4E9-B4OC6D98AOA9
<br /> • See our original appeal from April,2025, in which we draw attention on p.2 to three,4-
<br /> bedroom, 2-bath properties located in the same part of Carrboro as ours, all similar in lot&
<br /> building size, age, and proximity to public transportation, all of which sold in the last 2 years
<br /> for an average price of$388,500, which we believe supports our opinion of a valuation of
<br /> $390,000 for 122 Oak Street--in addition to the fact that we contend the C+10 rating for our
<br /> property is inflated, given the quality of its construction.
<br /> • See our attached, original appeal from April, 2025, Item 3, in which we point out several
<br /> comparable properties in our part of Carrboro. The average new valuation given these three
<br /> properties is $430,133. In terms of age, quality and size, and proximity to public transportation,
<br /> we believe the property at 1305 W. Main St is the closest to ours and believe the value of
<br /> $390,000 given this one is the correct valuation for ours. And, as stated above, we contend the
<br /> rating of C+10 given our property is incorrect because of the quality of its 1951 construction.
<br /> Evidence submitted by the county representative:
<br /> • Property Review Summary— 122 Oak Street(NBC 7204)
<br /> • The subject property is a one-story home located in NBC 7204 at 122 Oak Street. It was built
<br /> in 1951 and contains approximately 1,773 square feet of living area.
<br /> • The comparables submitted by the appellant are drawn from different neighborhoods with
<br /> varying land rates and do not accurately reflect the subject property's market appeal or
<br /> neighborhood characteristics. Details of the submitted comparables are as follows:
<br /> • 201 Gary Road(NBC 7206): Land rate of$190,000. Listed as needing extensive TLC inside
<br /> and out. Listed at$350,000 and sold for$340,000.
<br /> • 106 Gary Road(NBC 7203): Land base rate of$300,000, adjusted to$225,000. Sold as a fixer-
<br /> upper. Listed at$440,000 and sold for$435,000.
<br /> • 1305 West Main Street(NBC 7203): Land base rate of$300,000, adjusted to$150,000 due to
<br /> floodplain location. Listed at$440,000 and sold for$390,000,described as having"endless
<br /> potential".
<br /> • Following the purchase, and as stated in the appeal,the property underwent significant updates
<br /> in 2002, including electrical,plumbing,mechanical (HVAC), insulation, foundation, and
<br /> structural improvements. During the informal review,the property's grade was adjusted from
<br /> C+10 to C-10, and the effective year built was updated from 1951 to 1966 to reflect these
<br /> renovations.
<br /> • Given that the submitted comparables are inferior in both land and condition relative to the
<br /> subject property, and that the supporting analysis demonstrates the subject's assessed value and
<br /> price per square foot to be well within neighborhood norms,the County recommends no
<br /> change to the current valuation.
<br /> • Summary
<br /> • Current Property Record Card
<br /> • Proposed Property Record Card
<br /> • Maps
<br /> • Aerial Photo
<br /> Motion of the Board Accept Count 's Proposed Value: $456,200 No Change in Value
<br /> Made the motion Saru Salvi
<br /> Seconded the motion Richal Vanhook
<br /> Voted For All BOER Members
<br /> Voted Against
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