2026_01_29 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID: BOF983D6-EAD9-4D5D-A13A-EE8461FA1918 Property Address 1 1749 Dobbins Drive Parcel ID or Abstract 9799584892 Statement of Appeal: Request reduction in value based on actual income from 2022, 2023, and 2024. Current Assessed Value $3,552,200 ounty Opinion 1 $1,558,300 Time of Hearin 1:50 PM Appellant Opinion $1,381,500 County Representative Roger Gunn Board Decision $1,558,300 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on actual income from 2022,2023, and 2024. Evidence submitted by the county representative: • The subject property consists of 20 units of a 32-unit Low Income Housing Tax Credit apartment community that was constructed in 2010. It is currently assessed at$3,552,200 or $177,610 per unit. The remaining 12 units of the project are located on PIN 9799593279. • In 2008 the NC General Assembly enacted G.S. 105-277.16 which dictates how properties with this special classification must be appraised, assessed, and taxed. Recommendations from the NCDOR based on the statute indicate that low-income and rent restricted properties that meet the special classification are to be valued utilizing the income approach, under which the restrictions in their rent must be considered. Furthermore, due to the special nature of these properties and their restrictions,NCDOR recommends that assessors utilize the real income and expenses presented in the audited income and expense documents,which should be provided. They also indicate that using a market-based capitalization rate would be appropriate. • Like the appellant,the County has considered the two properties that make up this project collectively. The County has reviewed the I&E documentation provided by the appellant. Based on the actual income and expenses,the basis of taxation rules for this Section 42 document,the County's income approach renders a value of$2,504,048 for the properties collectively. As the subject property contains 62.5% of the project's units, it seems reasonable that 62.5%of the value or$1,565,030 be allocated to the subject property.Applying the County's Schedule of Values,the County recommends, adding 60% economic depreciation to the building(as is applied to PIN 9799593279) changing the land's market adjustment from - 20%to -21%, and changing the E50 economic market adjustment on the property to E25 which would result in a revised value of$1,558,300 or$77,915 per unit. • GIS Map of Subject • Current Property Record Card(2 pages) • Recommended Property Record Card(2 pages) • Income Approach Motion of the Board Accept County's Proposed Value: $1,558,300 Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against 6