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Docusign Envelope ID:67ADOF44-02C2-4953-B595-13B4C7134235 Property Address I 119 Caldwell Street Parcel ID or Abstract 9788281854 Statement of Appeal: Request reduction in value based on comparable land values and property rental designation. Current Assessed Value $676,700 ounty Opinion $565,700 Time of Hearin 10:04 AM Appellant Opinion $275,000 land County Representative Kelly Wells Board Decision $565,700 Evidence submitted by the appellant: • Land value should be $275,000 to match surrounding comps. • The 4 property units built by us are single unit 4-bedroom homes. They were not designed for rental homes. • They certainly can be rented to a single person, family,or students. • Our single-family homes are being rented out to students. Just as most of the properties on Church and Caldwell Street are. Evidence submitted by the county representative: • The subject property is 1,836 square foot home with 4 bedrooms and 3 baths built in 2019 in the Northside neighborhood in Chapel Hill. • All Two-to-Four Family and Designed Rental Single Family Residence (DRSFR) are receiving a+30%land adjustment in this neighborhood due to being approved for these uses and the properties'potential for greater income generation and value compared to single family homes with otherwise similar property characteristics. • During the BOER ordered neighborhood review, smaller lots in this neighborhood received a negative adjustment for the Floor Area Ratio restriction. This parcel's 30%adjustment was reduced to 10%for the current land value of$302,500 and total parcel value of$676,700. • Although the bedroom and bath count could be considered atypical for an 1,836 square foot home, it is common in this neighborhood and area. • Based on equity, The County recommends changing the: *Building type from DRSFR to Single Family, *Increasing the grade from B-05 to A to account for the bed and bath count and quality, *Reducing the land by removing the market adjustment and adding a-20% adjustment to account for the Floor Area Ratio restriction on smaller lots resulting in an overall reduction in value from $676,700 to $565,700 • Photo • GIS Map • Equity Analysis • Current Property Record Card • Proposed Property Record Card Motion of the Board Accept Coun 's Proposed Value: $565,700 Made the motion Barbara Levine Seconded the motion Saru Salvi