2025_11_19 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID: F69F6FC6-EFB7-4BA4-AC17-3EC64A01A42C • Comparable Houses Sold within 18 months of Jan 1,2025, appraisal date, in a very close proximity to the appraised property, at$745,000.Attaching the transaction amounts for these comparable houses (Comp#1 and Comp#2), and a map indicating their close proximity. These comparable houses, very close by, also seem to have larger livable areas, (please see details from a previous appraisal of 4 Iris Lane, also attached)Thus, as both also have larger lots(one much larger), the sale value of 4 Iris Lane is likely a little lower than these actual sales. Estimate of 95-98%of their value. 97%gives $725,000, hence the appeal. Evidence submitted by the county representative: • The subject property is located at 4 Iris Lane in Chapel Hill. A site visit was conducted on November 12, 2025. The home appeared to be in average condition. Currently the Actual Year Built and Effective Year Built is 1964. This is a conservative Effective Year Built, reflecting the home has an effective age of 61 years. • The Appellant supplied three neighborhood sales. It is agreed these are the best comparables available in NBC 7525. The analysis of these comps is two-part,reviewing land values and then separately reviewing the improvements. • The subject land is inferior to all comparables due to size. The AC-9 land value reflects this with the subject having the lowest land value assessment. • The subject is superior to all comps concerning finished square footage. This along with having the oldest Effective Year Built and a lower construction grade,yields a lower assessed value per square foot($267). The assessed value for the improvement was derived from applying the cost factors from the approved Orange County Schedule of Values. These values are also applied to the comparable sales to derive their building values. • Combining the land value to the individual building costs,yields the total assessed value. The assessed value of the subject falls well below the comparables (Average $200,000+)due to the factors noted above. • Sale values of comparables occurring in 2021 and 2023 are not the sole basis of determining assessed value of the subject as of l/l/2025. As has been noted there are several significant aspects that are factored. Land values and improvement values have been applied equitably to all properties. • Based on this analysis, the current assessed value is considered supported,and no change in value is recommended. 1. Subject property photo 2. Property record card 3. Comparable properties photos 4. Sales analysis 5. GIS Ma Motion of the Board Value Changed as Follows: $760,095 -5%land adjustment Made the motion Richal Vanhook Seconded the motion Saru Salvi Voted For All BOER Members Voted Against