2026_01_13 BOER Minutes - Laserfiche WebLink

Browse Search

Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against ... Property Identification: Property Owner Laramar Collins Crossings Appellant(if different) Morgan Fowler/Ryan Association LLC LLC Property Address 501 Jones Ferry Road Parcel ID or Abstract 9778540436.001* *280 individual condominium units (see attached list Statement of Appeal: Request cumulative reduction in value for 280 units based on the income approach and equity with two apartment complexes. Current Assessed Value $48,615,000 County Opinion $48,615,000 total for 280 units. total for 280 See list for individual unit units. See list for values. individual unit values. Time of Hearing 2:OOPM Appellant Opinion $29,997,800 total for 280 units. See list for initial requested values. County Representative Roger Gunn Board Decision $48,615,000 total for 280 units Evidence submitted by the appellant: • Initial request for the 280 units totaled a cumulative reduction in value to $29,997,800. Subsequent evidence submitted suggests a cumulative reduction to$30,857,800 based on the income approach and$36,935,422 based on equity with two apartment complexes. Evidence submitted by the county representative: • The appellant owns 280 of the 332 condominium units in Condominium Neighborhood C403 known as Collins Crossing which was formerly known as Old Well Condominiums. The appellant chooses to manage these condominiums collectively as an apartment complex rather than as individual rental units. These units are situated on three real estate container parcels (part of the entire complex's common elements): PINS 9778540436, 9778544021,and 9778545626. Interspersed with the appellants'units are 52 individually owned units of the same age and sizes as the appellants'units that are a mixture of tenant occupied and owner occupied. • The appellant is suggesting that their 280 units should be valued collectively by the income approach based on their collective use as an apartment complex and a pro-rata value be assigned to each of the 280 units based on their total collective valuation. However, it is the County's position,that like the other 52 individually owned units in the project, the appellant's units have the capacity to be bought and sold individually as single residential condominium units, and to value the appellant's units collectively and assign a pro-rata value to each of their 4