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Docusign Envelope ID: D8F1F6B3-4E5C-46D1-9276-28B887499D7C <br /> "We went into a contract to build our house in July 2023 --when the housing market was near <br /> its peak. In the past two years,housing inventory has significantly gone up, and housing prices <br /> have declined by 10 to 20%. We don't believe our house purchased in 2023, completed in 2024 <br /> and we are now in 2025, is not worth the same price. The approimate. price per square foot is <br /> $260 in our neighborhood." <br /> • Two comparable sales were provided with this appeal. <br /> Evidence submitted by the county representative: <br /> • The subject property is a 10.14-acre tract improved with a 3,632-square-foot single-family <br /> dwelling located at 3550 Just A Mere Farm Road in Hillsborough. <br /> • The subject property was purchased in July 2024 for$1,121,000. The appellant contends that <br /> the housing market has declined since the date of purchase and submitted two comparable sales <br /> for consideration. <br /> • Comparable Sales Analysis: <br /> - 417 McMannen Drive: Located in Durham County; not considered due to being outside the <br /> relevant market area. <br /> - 6101 Biron Lane: Located in a different neighborhood but reviewed by County staff in a <br /> sales analysis. Although this comparable shows a higher land value,the subject property has a <br /> significantly higher price per square foot due to superior grade and construction quality. <br /> • County staff also reviewed recent sales within the subject's neighborhood. The only sale in this <br /> neighborhood from January 2022 to December 2024 was the subject property itself,which sold <br /> in July of 2024. <br /> • Following review, County staff recommends applying a-10%land adjustment for floodplain. <br /> This adjustment results in a revised value of$1,094,800 for the subject property. <br /> • GIS Map <br /> • Sales Analysis <br /> • Current Property Record Card <br /> • Proposed Property Record Card <br /> • Deed <br /> Motion of the Board Value Changed as Follows: $1,075,000 <br /> Made the motion Saru Salvi <br /> Seconded the motion Richal Vanhook <br /> Voted For All BOER Members <br /> Voted Against <br /> Property Identification: <br /> Property Owner Charles L.Nunn Appellant(if different) <br /> Property Address 709 East Rosemary Street Parcel ID or Abstract 19788697289 <br /> Statement of Appeal: Request reduction in value based on condition (house and land). <br /> Current Assessed Value $1,214,000 ounty Opinion $1,074,000 <br /> Time of Hearin 3:30 PM Appellant Opinion $950,000 <br /> County Representative Kelly Wells Board Decision $1,074,000 <br />