2025_12_02 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID: B280D705-EADF-4415-899E-F125316E835B foot. Based on the plans for the property it is certainly usable, but justifies the lower assessment per square foot. • As a result of the County's analysis,no change in vale for either PIN 9799461693 or 9799462939 is supported. • GIS Map of Subject • Current Property Record Card • Land Sales Value Sheet • Development Plans Motion of the Board Value Changed as Follows: 1 $590,000 General value adjustment Made the motion Leon Meyers Seconded the motion Shannon Julian Voted For All BOER Members Voted Against ... Property Identification: Property Owner Tarheel Lodging 11 LLC Appellant(if different Property Address 370 East Main Street,Unit Parcel ID or Abstract 9778969391.002 100 Statement of Appeal: Request reduction in value based on an argument about equity based on one other hotel. Current Assessed Value $18,070,900 ounty Opinion $16,899,400 Time of Hearin 2:41 PM Appellant Opinion $14,983,337 County Representative Roger Gunn Board Decision $16,899,400 Evidence submitted by the appellant: • There are only two non-boutique franchised hotels in the downtown area: the AC Marriott built in 2017, and the Hampton Inn& Suites built in 2012. The Hampton is classified by STR(the standard rating company in the hospitality industry) as an upper mid-scale limited-service hotel while the AC is an upscale full-service hotel offering food and beverage as well as a cocktail bar. In the prior revaluation cycle,the tax value of the AC Hotel was $119,854 per room and the Hampton Inn& Suites was$101,009 per room. This $18,845 delta in the prior revaluation properly reflected the difference in locations, age,brand scale and service levels. The tax value of the Hampton is broken into two tax cards due to its parking being provided in the adjacent parking garage condominium. In this newest valuation,the Hampton's tax value was increased 33.2%to $134,588 per room(this includes the $1,013,600 ascribed to the parking for the Hampton)while the AC was only increased 11.32%to$133,420 per room. The AC's parking is located underneath the building so is not taxed separately. This change in tax values now values the Hampton more than the AC Marriott,which is inequitable and does not properly discount the Hampton's relative lower value considering inferior location, age,lower brand scale, and lower service levels; something the prior valuation properly discounted for. At a maximum,the tax value of the Hampton should not be increased by any more than 11.32% from its prior value which would result in a value of$112,443 per key or$15,966,937