2026_01_29 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID: BOF983D6-EAD9-4D5D-A13A-EE8461FA1918 Property Identification: Property Owner Dobbins Hill II LLC Appellant(if different) Morgan Fowler/Ryan LLC (Presented by Ca O'Day) Property Address 1749 Dobbins Drive Parcel ID or Abstract 9799593279 Statement of Appeal: Request reduction in value based on actual income from 2022, 2023, and 2024. Current Assessed Value $1,341,600 ounty Opinion $939,200 Time of Hearin 2:08 PM Appellant Opinion $1,043,600 County Representative Roger Gunn Board Decision $939,200 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 12 units of a 32-unit Low Income Housing Tax Credit apartment community that was constructed in 2008. It is currently assessed at$1,341,600 or $111,800 per unit. The remaining 20 units of the project are located on PIN 9799584892. • 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 37.5% of the project's units, it seems reasonable that 37.5%of the value or$939,018 be allocated to the subject property. Applying the County's Schedule of Values,the County recommends, applying an E30 economic market adjustment which would result in a revised value of$939,200 or$78,267 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: $939,200 Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members 7