2025_12_02 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID:7407D742-46FF-40B4-9943-4A3D2B49D298 Evidence submitted by the appellant: • The subject is one of five parcels containing two apartment complexes owned by the same appellant and operated as one economic unit. Based on 2023 and 2024 financial documents, the collective indicated value for all five parcels is$33,433,471 with$17,864,597 attributable to this parcel. Evidence submitted by the county representative: • Like the appellant,the County analyzed the 5 parcels collectively as one economic unit and based on the County's income analysis as contained in the attached Income Approach and Parcel Value Allocation Sheet,the collective value of the five parcels is $40,001,542 with a value of$21,374,133 being attributable to the subject property. • As a result, the County recommends increasing the land market adjustment from Mkt-37 to Mkt-38 and also applying an E18 economic market adjustment to the property's component values which will reduce the overall value of the subject from$26,187,700 to$21,381,800. • GIS Map of Subject • Current Property Record Card(32 pages) • Proposed Property Record Card(32 pages) • Income Approach and Parcel Value Allocation Sheet Motion of the Board Accept Coun 's Proposed Value: $21,381,800 Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner RP Barnes LLC Appellant(if different) Debbie Askins, Ryan LLC Property Address 501 NC 54 Bypass Parcel ID or Abstract 9778741062 Statement of Appeal: Request reduction in value based on 2023 and 2024 financial documents' collective indicated value of five parcels containing two apartment complexes owned by the same appellant and operated as one economic unit. Current Assessed Value $467,100 ounty Opinion $383,000 Time of Hearin 11:16 AM Appellant Opinion $318,644 County Representative Roger Gunn Board Decision $383,000 Evidence submitted by the appellant: • The subject is one of five parcels containing two apartment complexes owned by the same appellant and operated as one economic unit. Based on 2023 and 2024 financial documents, the collective indicated value for all five parcels is $33,433,471 with$318,644 attributable to this parcel.