2025_12_10 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID:2AE380D6-CCFA-4E2C-9964-9023855FBC51 Property Address 1 126 S. Graham Street Parcel ID or Abstract 9788151266 Statement of Appeal: Request reduction in value based on position that valuation exceeds fair market value, condition,perceived inappropriate grade and effective year built assignments, and neighborhood vertical equity concerns. Current Assessed Value $509,100 ounty Opinion $422,300 Time of Hearin 12:27PM Appellant Opinion $400,000 County Representative Jimmy Milliken Board Decision $393,700 Evidence submitted by the appellant: • This firm represents Sandra Walker in this appeal of the 2025 assessed valuation for her property at 126 S. Graham Street in Chapel Hill. The County reduced the assessment to $509,100 following the 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 fails to account for the property's substantial condition deficiencies, inappropriate grade and effective year built assignments, and vertical equity concerns within the immediate neighborhood. Based on the property's actual condition and appropriate market analysis,we respectfully request that the assessed value be reduced to $400,000. • Hudson Vaughn was called as a witness and presented evidence on behalf of the appellant. Evidence submitted by the county representative: • Subject Property Overview The subject property is located at 126 South Graham Street in NBC 7120,which carries a lot value of$360,000. The home was built in 1932 and contains 1,887 square feet of living area. • County Review and Corrections o The submitted documentation was reviewed, and several updates to the property record were warranted: ■ The Effective Year Built(EYB)was reduced to the actual year built of 1932. ■ An additional 50%physical depreciation was applied to account for soft floors and a deteriorating deck. ■ The roof cover was corrected from metal to shingles. ■ The construction grade remains unchanged, as construction grade reflects the quality of construction, not the current physical condition. ■ The subject lot is larger than the comparable vacant lot in the neighborhood that sold for$360,000, reinforcing the appropriateness of the neighborhood's lot valuation. • Comparable Property Discussion • The appellant submitted 107 Cobb Street as a comparable. However: ■ It is located in NBC 7102,which carries a lower$200,000 lot value. ■ Its lot size and square footage are smaller than the subject. • The property has undergone renovations that do not reflect market behavior or characteristics within the subject's neighborhood. • For these reasons, 107 Cobb Street is not considered a reliable indicator of value for the subject property. • Recommendation • With the corrections and adjustments applied, the County recommends a revised value of $422,300 for 2025. • Current Property Record Card • Proposed Property Record Card