2025_12_18 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID: BE7173ED-52F6-47B6-A7EB-347CE2C7F857 Statement of Appeal: Request reduction in value based on purchase price, parcel utility/potential, and comparable property values. Current Assessed Value $2,140,000 ounty Opinion $2,140,000 Time of Hearin 11:15 AM Appellant Opinion $1,800,000 County Representative Roger Gunn Board Decision $1,983,000 Evidence submitted by the appellant: • From Informal Appeal: The properties on the corner of N. Graham and W. Franklin and the corner of Merritt Mill and W. Franklin both front on W. Franklin. There are two usable buildings. The lots are under one owner and total .41 acres. The assessor has valued that land at $88/square foot while the valuation on the Graham Street property that we own has two buildings on one lot with street frontage only on N. Graham. The difference in potential use is huge. There is NO way that our.47 acres should be valued at almost$99/square foot given what we paid and how you have valued the neighboring property. In addition, our property is encumbered by dumpster sites that are used by the properties on the 500 block of W. Franklin in addition to our tenants. If we don't let them have access,they have NO other option. The tenants are struggling already and a huge increase like this could put them all over the edge. • We purchased the property on January 2,2025, for$1,101,000. 1 am not claiming that that is the "value". There was additional remuneration that does not show on the closing statement. There was an adjustment made because this was part of a sequence of direct sales without the efforts of any real estate agent. The money that was saved was deducted from the sales price AND an additional$160,000 was paid totally above board to the previous owners (an LLC). If you add it all up it is just under$1.5M. • From Formal Appeal: I believe you used the property at 104 N. Graham Street as a comp. The buyer of the property was the owner of the business known as Al's Burger Shack. He paid a premium for the property because of that. He was also able to incorporate the second structure into his existing business. It is a premium corner on Franklin Street, also adding to the value. 108 N. Graham does not enjoy the same potential, as the buildings are occupied with 4-5 tenants at any time who are not able to buy just their space. Evidence submitted by the county representative: • There is no evidence that is applicable to value in the appeal.No sales data,which could help either for land or improved parcels. There is an equity argument,but just based on one property that is smaller and less developable(and sold for a massive amount- see attached). The argument concerning the dumpsters that are used by adjacent landowners that have no recourse, may be worth an optional 5%to 10% adjustment downward in value,but there is no evidence to support any other change. The owner was involved in the sale of the corner parcel, which they reference as an equity comp. It sold in October 2024 for almost$200/square foot based on land or over$700/square foot based on building size. This sale does not support an appeal. • No change in value is supported. • GIS Map of Subject • Current Property Record Card(4 pages) • Retail Sales and Development Land Sales Motion of the Board Value Changed as Follows: $1,983,000 Made the motion Saru Salvi Seconded the motion Richal Vanhook