2025_12_10 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID:2AE380D6-CCFA-4E2C-9964-9023855FBC51 informal appeal. We respectfully submit that the current valuation continues to significantly exceed the fair market value of the property as of January 1,2025, and is inconsistent with comparable properties and market evidence. Based on recent comparable sales data,the property's actual condition, and vertical equity considerations within the County's assessment system,we respectfully request that the assessed value be reduced to $336,600. • Hudson Vaughn was called as a witness and presented evidence on behalf of the appellant. Evidence submitted by the county representative: • The subject property is located in NBC 7120 at 119 South Merritt Road. It was constructed in 1976 and contains approximately 1,080 square feet of living area. • The appellant's representative submitted three comparable sales from different neighborhoods with different base land rates, as outlined below: 0 117 Creel Street(NBC 7130): Land base rate of$180,000 with a-10% adjustment for lot shape,resulting in$162,000 land value. Sold for$377,000. 310 Crest Drive(NBC 7130): Land base rate of$180,000 with no adjustments. Sold for$375,000. 110 Eugene Street(NBC 7134): Land base rate of$250,000. Sold for$314,000. o Upon review, the submitted comparables do not accurately reflect the market for NBC 7120. In particular, Comparable#3 (110 Eugene Street) sold in June 2022 for $393,000 following updates,but later resold in 2023 for$314,000, a transaction considered below market and unqualified. The inconsistent land values across these comparables further reduce their reliability for establishing market value within NBC 7120. o The property's effective year built remains the same as the actual year built,with an additional 20%physical depreciation applied,both of which were changes implemented during the informal appeal. The County recommends an additional 30% physical to total 50%physical depreciation for having additional deferred maintenance. o The land rate is supported by a recent vacant land sale within the neighborhood and by improved property sales that share the same land base rate, confirming internal consistency across NBC 7120. • Based on the review of market data and verified valuation methodology,the County recommends the changes to the current assessed value for a new value of$422,800. • Photo • GIS Map • Current Property Record Card • Proposed Property Record Card Motion of the Board Value Changed as Follows: $388,200 Made the motion Leon Meyers Seconded the motion Barbara Levine Voted For All BOER Members Voted Against Property Identification: Property Owner I Sandra G. Walker Appellant if different Andrew Simpson