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HomeMy WebLinkAbout2021_10_13 BOER MINUTES DocuSign Envelope ID:3067492C-60EC-432D-9750-FF3FBB8741DF MINUTES Board of Equalization and Review Date: October 13, 2021 Board Members Present: Hunter Beattie, Chair Barbara Levine,Regular Leon Meyers,Regular Staff Members Present: Nancy Freeman,Tax Administrator Roger Gunn, Real Property Appraisal Manager Cyle Anderson,Appraiser Bo Allen,Appraiser with CCA Chris Mashburn,Appraiser with CCA Scherri McCray,Buisness Officer SCHEDULE: 9824673662 Stag Industrial Holdings LLC APPEARING 9824576520 Stag Mebane 2 LLC APPEARING 9825807659 Stag Mebane 3 LLC APPEARING 9863594828 Dorylu LLC APPEARING 9874515074 Deborah Merritt NOT APPEARING 9873599448 Gandhi Hampton Point LLC APPEARING 9880275036 Chapel Hill North Station LLC NOT APPEARING Chair Hunter Beattie called the meeting to order at 1:00 PM. STAG INDUSTRIAL HOLDINGS LLC PIN 9824673662 Alexander Carr appeared before the Board on behalf of Stag Industrial Holdings LLC to appeal the value of the property located at 7412 Oakwood Street,Mebane. The current assessed value of the property is $15,223,000. A list of evidence follows: APPELLANT COUNTY 9824673662 Appeal 9824673662 County The appellant is requesting that the Board reduced the valuation to $12,333,000 based on a market pro forma for 2020. The property is an industrial light manufacturing facility built in 1970 with a 42,200 square foot office and a 180,000 square foot warehouse built in 2000. The property is tenant occupied. Mr. Chris Mashburn from CCA represented the County and stated that upon review by the appraisal firm, it was determined that the indicated property value from the sales comparison approach is $15,960,462 and the indicated property value from the income approach is $12,475,406. Each indication of value was weighted 50%for a reconciled valuation of$14,217,934 for the property. As a result of this review,the DocuSign Envelope ID:3067492C-60EC-432D-9750-FF3FBB8741DF County recommends applying a E07 economic market adjustment to the property for a revised valuation of$14,157,300 for the property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review, Chair Beattie made a motion to accept the County's recommended value of $14,157,300. Mr. Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 STAG MEBANE 2 LLC PIN 9824576520 Alexander Carr appeared before the Board on behalf of Stag Mebane 2 LLC to appeal the value of the property located at 7600 Oakwood Street, Mebane. The current assessed value of the property is $14,894,800. A list of evidence follows: APPELLANT COUNTY 9824576520 Appeal 9824576520 County The appellant is requesting that the Board reduced the valuation to $10,073,000 based on a market pro forma for 2020. The property contains 10.418 acres and includes 194,909 square feet of industrial and office buildings. Mr. Chris Mashburn from CCA represented the County and stated that upon review by the appraisal firm, it was determined that the indicated value of the property from the sales comparison approach is $12,448,342 and the indicated value of the property by the income approach is $11,670,876. Each indication of value was weighted 50%for a reconciled valuation of$12,059,609. As a result of this review,the County recommends applying an E19 economic market adjustment to the property for a revised property valuation of$12,059,609. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review, Chair Beattie made a motion to accept the County's recommended valuation of $12,059,609 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 STAG MEBANE 3 LLC PIN 9825807659 Alexander Carr appeared before the Board on behalf of Stag Mebane 3 LLC to appeal the value of the property located at 7110 E.Washington Street,Mebane. The current assessed value of the property is $16,357,900.A list of evidence follows: DocuSign Envelope ID:3067492C-60EC-432D-9750-FF3FBB8741DF APPELLANT COUNTY 9825807659 Appeal 9825807659 County The appellant is requesting that the Board reduced the valuation to $12,867,000 based on a market pro forma for 2020. The property contains 17.22 aces with a 384,137 square foot warehouse. Cyle Anderson represented the County and stated that upon review of the property by CCA, it was determined that the indicated value of the property from the sales comparison approach is $15,749,617 and the indicated value of the property from the income approach is $15,850,343.Each indication of value was weighted 50%for a reconciled valuation of$15,799,980 for the property. As a result of this review,the County recommends applying an E05 economic market adjustment to the property for a revised valuation of$15,540,100 for the property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review, Chair Beattie made a motion to accept the County's recommended valuation of $15,540,100 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 DORYLU LLC PIN 9863594828 Bryson Tart appeared before the Board on behalf of Doryly LLC to appeal the value of the property located at 2111 Orange Grove Road,Hillsborough. The current assessed value of the property is $3,016,500. A list of evidence follows: APPELLANT COUNTY 9863594828 Appeal 9863594828 County The appellant stated that the property is an apartment complex with 48 units. The appellant is appealing the value on the basis that the income and expenses from 2018 through 2020 suggests a lower valuation of$2,285,150 for the property. Cyle Anderson represented the County and stated that upon review of this property by CCA, it was determined that the indication value for the property by the sales comparison approach is $3,504,000, and the indication of value for the property by the income approach it is $2,664,602. The indication of value from the sales comparison was weighted 45% and the indication of value from the income approach was weighted 55%for a reconciled valuation of$3,042,311 for the property. Based on this review,the County recommends no change to the current valuation for the property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review, Chair Beattie made a motion to accept the County's recommendation of no change in value for the proper.Mr. Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 DocuSign Envelope ID:3067492C-60EC-432D-9750-FF3FBB8741DF Merritt PIN 9874515074 Deborah Merritt elected not to appear before the Board and requested that the submitted documentation serve as the appeal. The appellant is appealing the value of the property located at 1804 NC 86 South, Hillsborough. The current assessed value of the property is $1,155,900.A list of evidence follows: APPELLANT COUNTY 9874515074 Appeal 9874515074 County Cyle Anderson represented the County and stated that the property is an owner-occupied warehouse/warehouse showroom building constructed in 1974 and 1997. The appellant is requesting that the Board reduce the valuation of the property to $1,000,000 stating that the increase in valuation for 2021 is way too high. However,the appellant provided no evidence to support their opinion of value. Cyle Anderson represented the County and stated that upon review of this property by CCA, it was determined that the indication value of the property by the sales comparison approach is $873,611 and the indication of value by the income approach it is $932,444. The sales comparison approach was weighted 60%and the income approach was weighted 40%for a reconciled valuation of$897,144 for the property. As a result of this review, Orange County recommends applying an E23 economic market adjustment to the property for a revised valuation of$890,100 for the property. The Board reviewed all documents and information provided by the appellant and the County.After deliberation and review, Chair Beattie made a motion to accept the County's recommended value of $890,100 for the property. Mr.Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 GANDHI HAMPTON POINT LLC PIN 9873599448 Jeri Wells and Floyd Allen appeared before the Board on behalf of Gandhi Hampton Point LLC to appeal the value of the property located at 618 Hampton Point Boulevard,Hillsborough. The current assessed value of the property is $3,343,800. A list of evidence follows: APPELLANT COUNTY 9873599448 Appeal 9873599448 County The appellant stated that the property is a convenience store/fast food restaurant built in 2007. The appellant is appealing the valuation of the property on the basis that the income and expenses from 2019 suggest a lower valuation of$ 2,300,000 for the property. Cyle Anderson represented the County and stated that upon review of this property by CCA, it was determined that the indication value of the property by the sales comparison approach is $3,349,434 and indication of value by the income approach is $2,958,892. The sales comparison approach was weighted 50%and the income approach was weighted 50%for a reconciled valuation of$3,154,163 for the DocuSign Envelope ID:3067492C-60EC-432D-9750-FF3FBB8741DF property. As a result of this review, Orange County recommends applying an E06 economic market adjustment to the property for a revised valuation of$3,143,100 for the property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review, Chair Beattie made a motion to accept the County's recommendation of value of $3,143,100 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 CHAPEL HILL NORTH STATION LLC PIN 9880275036 Alexander Carr elected not to appear before the Board on behalf of the appellant and requested that the submitted documentation serve as the appeal. The appellant is appealing the value of the property located at 1838 Martin Luther King Jr. Boulevard, Chapel Hill,The current assessed value of the property is $19,557,900. A list of evidence follows: APPELLANT COUNTY 9880275036 Appeal 9880275036 County The appellant is appealing the valuation on the basis that the property's income and expenses from 2018 through 2020 suggest a lower valuation of$13,368,000 for this property. Roger Gunn represented the County and stated that upon review of this property by CCA, it was determined that the indicated value of the property by the sales comparison approach is $177.23 per square foot or$16,883,401 and the indicated value by the income approach is $16,249,449. The sales comparison approach was weighted 45%and the income approach was weighted 55%for a reconciled valuation of$16,534,727 for the property. As a result of this review, Orange County recommends applying an E10 economic market adjustment to the property for a revised valuation of$16,515,700 for the property. The Board reviewed all documents and information provided by the appellant and the County.After deliberation and review, Chair Beattie made a motion accept the County's recommended valuation of $16,515,700 for the property. Mr. Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 Having heard all of the appeals scheduled on this date, Mr. Beattie made a motion to adjourn this meeting at 2:20 PM. The motion was seconded by Ms. Levine and the meeting was adjourned. DocuSign Envelope ID:3067492C-60EC-432D-9750-FF3FBB8741 DF DocuSigned by: N- t v btAfht, 52D9AA6883DE4DE... Hunter Beattie, Chair 4/12/2022 EDOCUSIgned by: 18392496 /12/2022 Nancy Freeman, Recording Secretary