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Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 <br /> • The subject parcel contains 156 units of the 288-unit apartment property known as Kingswood <br /> Apartments and was constructed in 1972. The remaining 132 units are located on a contiguous <br /> parcel, PIN 9778913957. <br /> • Like the agent,the County has valued the two parcels collectively in the income approach and <br /> distributed the overall value between the two properties. Kingswood follows the pattern of <br /> many apartments post-Covid. They have been"catching up"after having very little tenant <br /> movement and little opportunity to spend money/get work done. The agent uses a 9%vacancy <br /> and collection loss in their model,but the December rent roll shows a 3.5%loss. They are <br /> improving the property. The owner would expect rents to go up,vacancy to stay low and <br /> expenses to normalize. The County has used an operating expense percentage even higher on a <br /> per unit basis than the agent and the County assessment is still supported by both the income <br /> approach and comparable sales. <br /> • No change in value is recommended. <br /> • Location Map of Subject <br /> • Current Property Record Card(28 pages) <br /> • Comparable Sales and Income Approach <br /> Motion of the Board Accept Count 's Proposed Value: 1 $17,918,800 No Change in Value <br /> Made the motion Shannon Julian <br /> Seconded the motion Richal Vanhook <br /> Voted For All BOER Members <br /> Voted Against ... <br /> Consent Agenda: <br /> Motion of the Board Accept Proposed Consent Agenda?: Yes <br /> Made the motion Richal Vanhook <br /> Seconded the motion Shannon Julian <br /> Voted For All BOER Members <br /> Voted Against <br /> Notes: <br /> See attached list. <br /> Chair of the Dd:Gsigned by: <br /> Leon Meyers <br /> 1/26/2026 <br /> Recording Secre Wcusigned by: <br /> Jennifer Rigsbee <br /> 1/26/2026 <br /> 14 <br />