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Docusign Envelope ID:67ADOF44-02C2-4953-B595-13B4C7134235 <br /> Voted For I All BOER Members <br /> Voted Against <br /> Property Identification: <br /> Property Owner James W. C. Pendergraft Appellant(if different) <br /> Trust <br /> Property Address 604 Church Street Parcel ID or Abstract 9788189750 <br /> Statement of Appeal: Request reduction in value based on comparable land values and property rental <br /> designation. <br /> Current Assessed Value $628,600 ounty Opinion $564,000 <br /> Time of Hearin 10:10 AM Appellant Opinion $275,000 land <br /> County Representative Kelly Wells Board Decision $564,000 <br /> Evidence submitted by the appellant: <br /> • Land value should be $275,000 to match surrounding comps. <br /> • The 4 property units built by us are single unit 4-bedroom homes. They were not designed for <br /> rental homes. <br /> • They certainly can be rented to a single person, family, or students. <br /> Evidence submitted by the county representative: <br /> • The subject property is 1,836 square foot,4 bedrooms and 3 baths home built in 2017 <br /> in the Northside neighborhood in Chapel Hill. <br /> • All Two-to-Four Family and Designed Rental Single Family Residence (DRSFR) are <br /> receiving a+30%land adjustment in this neighborhood due to being approved for <br /> these uses and the properties'potential for greater income generation and value <br /> compared to single family homes with otherwise similar property characteristics. <br /> • During the BOER ordered neighborhood review, smaller lots in this neighborhood <br /> received a negative adjustment for the Floor Area Ratio restriction. This parcel's 30% <br /> adjustment was reduced to 10%for the current land value of$302,500 and total parcel <br /> value of$628,600. <br /> • Although the bedroom and bath count could be considered atypical for a 1,836 square <br /> foot home, it is common in this neighborhood and area. <br /> • Based on equity, The County recommends changing the: <br /> *Building type from DRSFR to Single Family, <br /> *Increasing the grade from C+10 to A to account for the bed and bath count and <br /> quality, <br /> *Reducing the land by removing the market adjustment and adding a-20% adjustment <br /> to account for the Floor Area Ratio restriction on smaller lots resulting in an overall <br /> reduction in value from $628,600 to$564,000. <br /> • Photo <br />