2025_12_17 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID:OA23A6A2-42FE-4EAO-B414-FA2F89F77BF7 Motion of the Board Accept Count 's Proposed Value: $3,751,200 Made the motion Shannon Julian Seconded the motion Leon Meyers Voted For All BOER Members Voted Against ... Property Identification: Property Owner TBV LLC Appellant(if different) Property Address 710 Market Street Parcel ID or Abstract 9787053344.001 Statement of Appeal: Request reduction in value based on an independent fee appraisal. Current Assessed Value $1,961,300 ounty Opinion $1,863,200 Time of Hearin 9:28 AM Appellant Opinion $1,590,000 County Representative Roger Gunn Board Decision $1,740,000 Evidence submitted by the appellant: • The appellant is requesting a reduction in value based on an independent fee appraisal as of January 1, 2025,with an indicated value of$1,590,000 from both the sales comparison and income approaches. Evidence submitted by the county representative: • The appellant has submitted an appraisal,which is considered reliable,but with two exceptions: 1.)Vacancy and Collection loss at 8%seems to be too high. Retail vacancy in Orange County was less than 2%at the end of 2024. 2.) The expenses are high, and the appraiser does not present support for why this simple property runs higher expenses than everything else. • The County has prepared an income approach that uses a more typical vacancy estimate and more typical expenses for retail. The suggested valuation from the County's income approach is $1,875,824. As a result,the County recommends applying 5% economic depreciation to the subject for a revised assessed value of$1,863,200. • Location Map of Subject • Current Property Record Card • Recommended Property Record Card • Income Approach Motion of the Board Value Changed as Follows: $1,740,000 (Per expenses for type of development Made the motion Leon Meyers Seconded the motion Shannon Julian Voted For All BOER Members Voted Against Property Identification: