2025_12_02 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID: B280D705-EADF-4415-899E-F125316E835B inclusive of the parking which is tax valued at$1,013,600. Without the parking the Hampton's value would be$14,983,337 with the remaining value being on the tax card for the parking. Evidence submitted by the county representative: • The agent makes an argument about equity based on one other hotel, feels like the increase is too steep and provides no income information for the properties. The agent's estimate of value is at the bottom of the range of sales (all of which have lower rack rates than the Hampton they are appealing). • The attached Sales Value sheet shows an indicated value for the subject and associated parking on PIN 9788060110.002 at $19,044,455. After deducting the $1,013,600 value of parking on PIN 9788060110.002 and the $1,057,594 value of the subject's 2025 Orange County Business Personal Property,the indication of value for the subject's real estate is $16,973,261. • As a result of the County's analysis and appellant evidence,the County recommends reclassifying the hotel from a full-service hotel with an A+20 grade to a limited-service hotel with an A grade and changing the E31 economic modifier to E09 for a revised value of $16,899,400 or$119,010 per room. • GIS Map of Subject • Current Property Record Card(8 pages) • Proposed Property Record Card(8 pages) • Sales Value Sheet Motion of the Board Accept Coun 's Proposed Value: $16,899,400 Made the motion Shannon Julian Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner Chateau Apartments NC Appellant(if different) Morgan Fowler, LLC Ryan LLC Property Address 1201 NC 54 Bypass Parcel ID or Abstract 9778370093 Statement of Appeal: Request reduction in value based on 2022,2023, and 2024 financial documents; the indicated value from the income approach. Current Assessed Value $18,363,000 ounty Opinion $17,628,500 Time of Hearin 2:58 PM Appellant Opinion $16,556,000 County Representative Roger Gunn Board Decision $17,628,500 Evidence submitted by the appellant: • Based on 2022,2023, and 2024 financial documents,the indicated value from the income approach is $17,672,400. [amended by appellant at hearing to $16,556,000(adjusted 5.75% cap rate to 6.25%)].