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Docusign Envelope ID:41A5CO43-OEBB-4B4B-BB6A-9411707F7CAF County's schedule of values, the County recommends decreasing the land market adjustment of the subject from+98%to+62%which would result in a revised assessed value of$93,532,200. • GIS Map of Subject • Current Property Record Card(30 pages) • Proposed Property Record Card(30 pages) • Commercial Appraiser Consultant's Value Analysis Motion of the Board Accept County's Proposed Value: $93,532,200 Made the motion Shannon Julian Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against ... Property Identification: Property Owner DRMTA LLC Appellant(if different) Morgan Fowler/Ryan, LLC Property Address 1726 Fordham Boulevard Parcel ID or Abstract 9799362298 Statement of Appeal: Request reduction in value based on a collective market proforma with an allocated value of$655,967 for this parcel. Current Assessed Value $818,800 ounty Opinion $818,800 Time of Hearin 3:09 PM Appellant Opinion $655,967 County Representative Roger Gunn Board Decision $818,800 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on a collective market proforma for PINS 9799362298 and 9799366150 with a requested combined valuation of$18,096,206 and an allocated value of$655,967 for this parcel. Evidence submitted by the county representative: • The subject is a 2,712 square feet strip shopping center built in 2016 and has an assessed value of$818,800 or$301.92 per square foot. • The agent analyzes the value of this property collectively with the larger 108,918 square feet shopping center on PIN 9799366150. The agent has presented an Income Approach with actual rents and has applied expenses that are unsupported. • Like the agent,the County has valued the two properties collectively relying primarily on the Income Approach. The County has used the actual rents and applied 5%vacancy, similar to the agent, and applied expenses that are market based. The capitalization rate,which differs significantly from the agent is supported by actual capitalization rates from local shopping center sales. The combined indication of value from the County's income approach is $22,151,838,which is slightly below the$22,588,300 combined assessed values of the two parcels. However, area shopping center sales indicate a higher valuation and brackets the County's combined valuation. Area shopping center sales are presented as additional support 9