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Docusign Envelope ID: BOF983D6-EAD9-4D5D-A13A-EE8461FA1918 <br /> Voted Against ... <br /> Property Identification: <br /> Property Owner WRH Dobbins Hill I LLC Appellant(if different) Morgan Fowler/Ryan <br /> LLC (Presented by <br /> Ca O'Day) <br /> Property Address 1749 Dobbins Drive Parcel ID or Abstract 9799595134 <br /> Statement of Appeal: Request reduction in value based on actual income from 2022, 2023, and 2024. <br /> Current Assessed Value $5,874,500 ounty Opinion $4,943,600 <br /> Time of Hearin 2:15 PM Appellant Opinion $4,869,000 <br /> County Representative Roger Gunn Board Decision $4,943,600 <br /> Evidence submitted by the appellant: <br /> • The appellant is requesting a lower valuation based on actual income from 2022, 2023, and <br /> 2024. <br /> Evidence submitted by the county representative: <br /> • The subject consists of a 55-unit Low Income Housing Tax Credit apartment community <br /> constructed in 1994. It is currently assessed at$5,874,500 or$106,809 per unit. <br /> • In 2008 the NC General Assembly enacted G.S. 105-277.16 which dictates how properties <br /> with this special classification must be appraised, assessed, and taxed. Recommendations from <br /> the NCDOR based on the statute indicate that low-income and rent restricted properties that <br /> meet the special classification are to be valued utilizing the income approach, under which the <br /> restrictions in their rent must be considered. Furthermore, due to the special nature of these <br /> properties and their restrictions,NCDOR recommends that assessors utilize the real income <br /> and expenses presented in the audited income and expense documents,which should be <br /> provided. They also indicate that using a market-based capitalization rate would be <br /> appropriate. <br /> • The County has reviewed the I&E documentation provided by the appellant. Based on the <br /> actual income and expenses,the basis of taxation rules for this Section 42 document,the <br /> County's income approach renders a value of$4,946,577. Applying the County's Schedule of <br /> Values, the County recommends, changing the land market adjustment from -20%to -21%and <br /> the property's economic market adjustment from E02 to E17 which would result in a revised <br /> value of$4,943,600 or$89,884 per unit. <br /> • GIS Map of Subject <br /> • Current Property Record Card(10 pages) <br /> • Recommended Property Record Card(10 pages) <br /> • Income Approach <br /> Motion of the Board Accept County's Proposed Value: $4,943,600 <br /> Made the motion Shannon Julian <br /> Seconded the motion Richal Vanhook <br /> 8 <br />