2025_12_09 BOER Minutes - Laserfiche WebLink

Browse Search

Docusign Envelope ID: 167B6114-F2FE-40FE-B240-9F96B7861224 Made the motion Leon Meyers Seconded the motion Saru Salvi Voted For All BOER Members Voted Against ... Property Identification: Property Owner Robin John Unwin Appellant(if different) Property Address 701 Copperline Drive Unit Parcel ID or Abstract 9787052207.009 205 Statement of Appeal: Request a reduction in value based on per cent of increase, a comparable sale, and condition of home. Current Assessed Value $326,800 ounty Opinion $320,200 Time of Hearin 2:25PM Appellant Opinion $290,000 County Representative Roger Gunn Board Decision $320,200 Evidence submitted by the appellant: • To go from$188,400 tax assessment value in 2024 to$326,800 is a 73.5%increase which is egregious. An increase of$138,400 far exceeds average market appreciation rates in Orange Co. Property value appreciation in most residential markets has been more gradual and rarely exceeds 10-15%annually in stable markets. Furthermore, a review of tax records indicates that similar or even superior properties in nearby communities are assessed much lower, in the range of$250,000 to $280,000. • 700 Market Street, #217 sold for$287,000 in June 2024. It has almost the exact same square footage(745) and is a 1 bedroom 1 bath unit,just like ours. • As noted in the informal appeal, we have made no improvements since buying the property, other than a new water heater. All the systems in the house such as the HVAC is original. Evidence submitted by the county representative: • The property is a 750 square foot, one bedroom, 1.5 bath condominium in the Copperline Square Development in the Southern Village area of Chapel Hill. The home sold previously in June 2022 for$267,000. There have been no other similar sales in the subject development since 2022. • As a result, the County performed a sales and equity analysis with similar sales from other condominium developments in Southern Village from 2023 and 2024. See attached. • As a result of this analysis,the County recommends applying an E02 economic market adjustment to the subject property's overall value which would reduce the current value to $320,200, which is in range of both the sales prices and assessed values of these similar sales. • GIS Map • Current Property Record Card • Proposed Property Record Card • Sales and Equity Analysis Motion of the Board I Accept Count 's Proposed Value: $320,200