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Docusign Envelope ID: BOF983D6-EAD9-4D5D-A13A-EE8461FA1918 <br /> • I visited the property and remeasured the home which would result in the finished living area <br /> being increased from 1,148 square feet to 1,299 square feet and the carport area being reduced <br /> from 308 square feet to 209 square feet. <br /> • The appellant valued the property solely by the income approach(GRM Analysis)but includes <br /> no support for how their economic market rent or gross rent multiplier were calculated. No <br /> comparable sales were provided,which is strange as the sales comparison approach is widely <br /> regarded as the most reliable indicator of value for single-family residential properties with the <br /> income approach lending support,when applicable. <br /> • The recommended corrections to the property would result in a revised value of$308,600 <br /> which is well supported by sales and equity comparables. <br /> • GIS Map <br /> • Photo of Subject <br /> • Photos from 2021 sale listing <br /> • Sales and Equity Analysis <br /> • Current Property Record Card <br /> • Proposed Property Record Card <br /> Motion of the Board Accept Coun 's Proposed Value: $308,600 <br /> Made the motion Shannon Julian <br /> Seconded the motion Richal Vanhook <br /> Voted For All BOER Members <br /> Voted Against <br /> Property Identification: <br /> Property Owner IH6 Property North Appellant(if different) Judson Bracewell/ <br /> Carolina LP Ryan LLC (Presented <br /> by Mason Schuster <br /> Property Address 720 Blue Lake Drive Parcel ID or Abstract 9825754092 <br /> Statement of Appeal: Request reduction in value based on Income Approach. <br /> Current Assessed Value $329,900 County Opinion $329,900 <br /> Time of Hearin 2:41 PM Appellant Opinion $318,000 <br /> County Representative Louise Benson- Board Decision $329,900 <br /> Lochner <br /> Evidence submitted by the appellant: <br /> • The Appellant states a revision to value should be made based on the Income Approach to <br /> valuation. An Income Analysis document was supplied noting a monthly rent of$2,092 and a <br /> Gross Rent Multiplier(GRM) of 152 and an Indicated Value of$318,000. <br /> • It was noted the property was purchased on 7/29/2021 for$272,000. <br /> • No additional evidence e.g.,photos, repair bids, comparable sales were provided. <br /> Evidence submitted by the county representative: <br /> 14 <br />