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Docusign Envelope ID:41A5CO43-OEBB-4B4B-BB6A-9411707F7CAF Statement of Appeal: Request reduction in value based on a market proforma. Current Assessed Value $4,240,500 County Opinion $3,937,200 Time of Hearin 2:27 PM Appellant Opinion $2,342,062 County Representative Roger Gunn Board Decision $3,937,200 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on a market proforma. Evidence submitted by the county representative: • The subject is a 20,272 square feet office building built in 1995 and has an assessed value of $4,240,500 or$209.18 per square foot. This office building exhibits relatively poor financial performance, but the agent has used high management expenses and a high capitalization rate for the Chapel Hill-Carrboro market(see attached historical office capitalization rates)which weakens the appeal. However,the County's analysis does suggest that an adjustment to value is warranted. From the County's income approach, a value of approximately$3,967,000 is indicated. Applying the County's schedule of values,the County recommends increasing the external(demand) depreciation on the subject building from 34%to 40%which would result in a revised assessed value of$3,937,200 or$194.22,which is well supported by recent comparable office sales in the area. • GIS Map of Subject • Current Property Record Card(2 pages) • Proposed Property Record Card(2 pages) • Comparable Sales and Income Approach • Chapel Hill-Carrboro Capitalization Rates Motion of the Board Accept County's Proposed Value: $3,937,200 Made the motion Shannon Julian Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner DT Retail Properties LLC Appellant(if different) Morgan Fowler/Ryan, LLC Property Address 619 Hampton Pointe Parcel ID or Abstract 9873596043 Boulevard Statement of Appeal: Request reduction in value based on a market proforma income approach and equity comparables. Current Assessed Value 1 $2,003,100 County Opinion $2,003,100 7