2025_12_17 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID:OA23A6A2-42FE-4EAO-B414-FA2F89F77BF7 Voted Against ... Property Identification: Property Owner Han Yang SOP Appellant(if different) Property Address 420 Hillsborough Street I Parcel ID or Abstract 9788497769 Statement of Appeal: Request reduction in value based on vacancy and condition/damage. Current Assessed Value $2,779,900 County Opinion $1,919,200 Time of Hearin 12:50 PM Appellant Opinion Not Provided County Representative Roger Gunn Board Decision $1,919,200 Evidence submitted by the appellant: • I am writing to respectfully appeal the 2025 assessed tax value of my property located at 420 Hillsborough Street in Chapel Hill. • This building has remained vacant since 6/l/2024 following the departure of a prior tenant(a fraternity organization)that severely damaged the property. The extent of the interior destruction rendered the building uninhabitable, and I have since been working at great personal and financial cost to make repairs. Unfortunately,the restoration process has taken far longer than expected, and is still ongoing. • In addition to the physical damage,I am currently pursuing legal action against the former tenant for negligence and breach of contract. During this entire period,the building has been completely non-operational, generating no rental income, while still incurring significant carrying costs such as monthly mortgage,higher interest payments due to non-tenant income, insurance, maintenance and utilities. • The recent reassessment nearly doubled my property tax, at a time when the building is unusable through no fault of my own. Given the unique circumstances, I respectfully request temporary tax relief for the 2025 tax year. I would be grateful for the opportunity to provide any supporting documentation that may assist in reviewing this request. • I've made every effort to responsibly maintain this property, even through hardship. I hope the Board can take into consideration the exceptional circumstances and offer temporary relief based on the actual usability and income potential of the property at this time. Thank you for your consideration and understanding. Evidence submitted by the county representative: • The owner has provided many pictures that demonstrate significant differed maintenance. They have provided a breakdown of 2024 costs in excess of$200,000 as well as a list of items that still need to be addressed,but there is no documentation for what these items will cost to correct. It's likely that some of this deferred maintenance existed when the property was purchased In July 2021 for$2,600,000. However,based on the submitted photo evidence, some adjustment to value is warranted for the condition of the building, despite a documented construction estimate to detail the expenses to get the property back to a workable state, • The County recommends reducing the 2000 effective year built of the building and paving to their actual year built of 1990 and applying additional 10%depreciation to the building. These recommended changes would reduce the current value to $1,919,200. 0 GIS Map of Subject