Orange County NC Website
Browse       Search
Docusign Envelope ID: D708FC70-AF18-4B68-9AB6-2D010EOD1629 <br /> Analysis,the current assessed value is supported and no adjustment to the current value is <br /> recommended. <br /> • GIS Map of Subject <br /> • Current Property Record Card(2 pages) <br /> • Comparable Land Sales <br /> • Commercial Appraiser Consultant's Analysis <br /> Motion of the Board Accept Coun 's Proposed Value: $3,599,600 No change in value <br /> Made the motion Richal Vanhook <br /> Seconded the motion Shannon Julian <br /> Voted For All BOER Members ... <br /> Voted Against ... ... <br /> Property Identification: <br /> Property Owner Chapel Hill Franklin Street Appellant(if different) Morgan Fowler/Ryan <br /> Labs 1 LLC LLC <br /> Property Address 214 West Franklin Street Parcel ID or Abstract 9788262798 <br /> Statement of Appeal: Request reduction in value based on the valuation of this parcel collectively with <br /> five other parcels as a shopping center property from actual income in 2022,2023, and 2024 and a market <br /> proforma. <br /> Current Assessed Value $1,713,400 ounty Opinion $1,199,900 <br /> Time of Hearin 9:42 AM Appellant Opinion $600,732 <br /> County Representative Roger Gunn Board Decision $1,199,900 <br /> Evidence submitted by the appellant: <br /> • The appellant is considering the valuation of this parcel collectively with five other parcels as a <br /> shopping center property. From actual income in 2022,2023, and 2024 and a market proforma, <br /> the appellant is requesting that the collective value of the six parcels be reduced from the <br /> current$13,663,100 to $8,415,196 with the$600,732 being allocated to the subject property. <br /> Evidence submitted by the county representative: <br /> • The subject is a.16-acre parcel with a 2,856 square foot branch bank building built in 1967 and <br /> is part of the 6 parcel Life Science Center Redevelopment project. Based on the attached <br /> comparable development land sales and the attached Commercial Appraiser Consultant's <br /> Analysis,the current assessed value of the subject is considered overvalued <br /> at$250 per square foot of land area and should be valued closer to $175 per square foot. As a <br /> result,the County recommends applying 68%economic depreciation to the improvements <br /> which would result in a revised value of$1,199,900 for the subject property. <br /> • GIS Map of Subject <br /> • Current Property Record Card(2 pages) <br /> • Revised Property Record Card(2 pages) <br /> 6 <br />