2025_12_02 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID: B280D705-EADF-4415-899E-F125316E835B Property Owner Tarheel Lodging Flag Lot Appellant(if different) LLC Property Address 0.85-acre parcel on Parcel ID or Abstract 9799462939 Service Road Statement of Appeal: Request reduction in value based on parcel utility(no road frontage). Current Assessed Value $740,000 ounty Opinion $740,000 Time of Hearin 2:31 PM Appellant Opinion $100,537 County Representative Roger Gunn Board Decision $590,000 Evidence submitted by the appellant: • This is a remnant parcel with limited uses given its configuration and shape. The parcel has no road frontage and the cost to gain access to the parcel would be greater than the value of the parcel itself. The parcel is located behind the quick lube oil change store. This parcel carried a tax value of$66,800 in the last revaluation and$44,500 in the prior revaluation. Its underlying zoning has not changed since the last valuation but somehow the new tax value has gone up 1 OX. Attached is a survey showing the parcel so you can see the odd shape and location. The owner opinion of value was derived by multiplying the percentage increase in the parcel revaluation in the 2021 cycle compared to the prior cycle. This parcel will have limited to no value until the adjacent parcel owned by Tarheel Lodging LLC is redeveloped. Evidence submitted by the county representative: • The owner is appealing three contiguous parcels. The two vacant parcels should be looked at together and are looked at here. The owner has made two arguments: 1. The properties (especially 9799462939)are strangely configured and will not be easy to develop. The entitlement of the property shows 5-story buildings on almost all of it, so it does seem like it is able to be developed well. 2. An equity argument based on the land/building allocation from a single property that has a different zoning than this and is being used for a hotel while this parcel is in process of being a dense multifamily site. The property referenced is 9799478402,the Sheraton Hotel which GIS shows as having a land value of$1,984,700 for 5 acres or$396,800 per acre. Please note that the land would be valued at$3,482,012 but was adjusted to its current value by application of an E43 market adjustment to adjust the overall market value of all components equally in the CAMA system. • The appellant additionally mentions that they have old foundations in the ground but provide no evidence on the cost of removal. • The parcels they are appealing(9799461693, 9799462939)has a massive ongoing entitlement of three sites (the third is a hotel site that is already developed), each of which is under appeal and in combination will support: ➢ Proposed Floor Area: 397,523 total square feet(312,037 sq. ft. of residential) in 5- story buildings with a wrapped parking deck. ➢ Proposed Dwelling Units: 283. A copy of the development plan is included. Please note that both parcels have 5 story buildings on them. • Overall parcel 9799461693 is assessed at$5,443,200 or$33/square foot,which is at the lower end of the range of nearby comparable sales. The assessment is supported by sales. Parcel 9799462939 received a 40%downward adjustment for utility and is assessed at$20/s uare