Orange County NC Website
Browse       Search
Docusign Envelope ID:9059FA55-A276-4268-BB65-EOBFOD9AD45E <br /> the land for both parcels compared to$700,000 that was assessed for tax purposes across both <br /> parcels. <br /> Evidence submitted by the county representative: <br /> • The subject property is a vacant lot located in NBC 7460 (Forest Creek)at 108 Old Forest <br /> Creek Drive. <br /> • The parcel was included in an appraisal prepared for lending purposes that combined 108 and <br /> 112 Old Forest Creek Drive under a single valuation. The lending contract is dated September <br /> 25, 2023,with an effective appraisal date of October 3,2023. The appraisal assigns a combined <br /> value of$150,000 for both lots and references one listing for the subject property and one for <br /> 112 Old Forest Creek Drive(0.35 acres/ 15,246 square feet). The report does not provide <br /> specific details or a separate valuation for the subject parcel alone, nor any support for the <br /> $150,000 combined land valuation. <br /> • A sales analysis of County records was completed to support existing land values, along with a <br /> review of the comparable sales used in the submitted appraisal to compare land valuation <br /> trends across Orange County. <br /> • Per Orange County Register of Deeds,the properties are not legally combined and are <br /> therefore valued individually in accordance with the County's Schedule of Values. <br /> Additionally,because this was a multi-parcel sale, it is classified as an unqualified sale and not <br /> used as a primary indicator of market value. <br /> • Lots within NBC 7460 are currently assigned a base land value of$350,000, and the subject <br /> property has been valued accordingly. Based on the supporting documentation and analyses, <br /> the County recommends no change to the current assessed value. <br /> • Sales analysis <br /> • Appraisal analysis <br /> • Maps <br /> • NBC Analysis Report <br /> • Current Property Record Card <br /> • GIS Map <br /> Motion of the Board Accept Count 's Proposed Value: $350,000 No Change in Value <br /> Made the motion Leon Meyers <br /> Seconded the motion Richal Vanhook <br /> Voted For <br /> Voted Against Saru Salvi <br /> Property Identification: <br /> Property Owner Silas Wong Appellant(if different) <br /> Property Address Unimproved 3.83 acre Parcel ID or Abstract 9787515200 <br /> parcel on Old Orchard <br /> Road <br /> Statement of Appeal: Request a reduction in value based on an independent appraisal. <br /> Current Assessed Value 1 $398,800 County Opinion 1 $279,200 <br />