2025_12_02 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID:7407D742-46FF-40B4-9943-4A3D2B49D298 Property Identification: Property Owner North Estes LLC Appellant(if different) Debbie Askins, Ryan LLC Property Address 306 Estes Drive Building Parcel ID or Abstract 9778996233 A Unit 1 Statement of Appeal: Request reduction in value based on 2022,2023, and 2024 financial documents income approach. Current Assessed Value $32,707,800 ounty Opinion $29,770,900 Time of Hearin 10:09 AM Appellant Opinion $22,019,400 County Representative Roger Gunn Board Decision $28,000,000 Evidence submitted by the appellant: • Based on 2022,2023, and 2024 financial documents,the indicated value from the income approach is $22,019,400. Evidence submitted by the county representative: • The property has strengths and weaknesses. On the one hand it has smaller units than many complexes and is older. On the other hand,they have been putting good money into updating units and rents have consistently increased over the past 3 years. The December rent roll shows a forward looking 6%higher revenue as compared to 2024, so you would expect the value would be headed up in any pricing of the asset on January 1,2025. Based on forward looking income directly taken from the December 2024 rent roll,the value would look as shown in the attached Income Approach Calculation Sheet. A 6.25%capitalization rate was used because the property is moving forward and gaining value. That is not a low capitalization rate in this market. • As a result of this analysis,the County recommends changing the E03 economic market adjustment on the property to E13 which would reduce the current assessed value to $29,770,900. • GIS Map of Subject • Current Property Record Card(36 pages) • Recommended Property Record Card(36 pages) • Income Approach Calculation Sheet Motion of the Board Value Changed as Follows: $28,000,000 Made the motion Leon Meyers Seconded the motion Saru Salvi Voted For All BOER Members Voted Against