2025_11_18 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID:A5042F46-AF25-45CO-912B-AADOE81E2977 Property Identification: Eroperty Owner David Coward Appellant(if different) Property Address 2702 Red Hill Lane Parcel ID or Abstract 19883763046 Statement of Appeal: Request reduction in value based on perceived over-valuation,comparison to newer home construction and a 2021 appraisal. Current Assessed Value $1,329,000 County Opinion $1,329,000 Time of Hearin 2:30 PM Appellant Opinion $950,000 County Representative C le Anderson Board Decision $1,264,900 -25% adjustment Evidence submitted by the appellant: • The appellant contends that the current appraisal exceeds market value. They note that Drees, the builder of their home, is constructing newer and more upgraded homes on larger lots with neighborhood amenities for$705,500—$960,300 as of January 1, 2025, with additional discounts offered. The also states that the subject is an older,builder-grade Drees'home lacking the upgrades of newer models. • An appraisal dated December 20,2021,valued the property at$1,150,000. The appellant states that this was the height of the real estate market during the pandemic's inflated market conditions. The most recent comparable sale in the neighborhood,4004 Spring Lake Drive, sold in August 2024 for$1,300,000 and is a custom-built home on 10 acres,unlike the subject. Evidence submitted by the county representative: • Subject Property Overview:The subject property is a 10.01-acre tract with a 5,698-square-foot single-family dwelling located at 2702 Red Hill Road in Hillsborough. The appellant states that the dwelling is builder-grade and lacks the upgrades found in newer model homes. The appellant submitted a fee appraisal with an opinion of value of$1,150,000, dated December 20, 2021, as supporting documentation. The appellant also referenced a recent sale in the neighborhood, located at 4004 Spring Lake Drive, and contends that this comparable is superior to the subject. Additionally,the appellant notes that the appraisal was completed during a period of elevated housing prices. • County Review and Findings: County staff conducted a site visit for physical verification and photos. Staff also reviewed the appellant's 2021 appraisal and the recently sold comparable provided. • Review of Appraisal Comparables: In the appellant's appraisal, none of the four comparable sales were located in the subject's neighborhood. Comparable sales one through three were 2021 sales located 1.97 to 3.61 miles from the subject property. The fourth comparable was excluded because it sold in June 2020,which is prior to the last revaluation date of January 1, 2021, and therefore not applicable. • The average value per square foot(building value) of comparable sales one through three is $199.14, compared to $177.01 for the subject property,indicating that the subject is not over- assessed relative to these sales.