Loading...
HomeMy WebLinkAbout2021_10_20 BOER MINUTES DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 MINUTES Board of Equalization and Review Date: October 20,2021 Board Members Present: Hunter Beattie, Chair Barbara Levine,Regular Reg Morgan,Alternative Staff Members Present: Nancy Freeman, Tax Administrator Roger Gunn,Real Property Appraisal Manager Kelly Wells, Chief Appraiser Steven Chad Phillips,Deputy Tax Assessor Chris Mashburn, CCA Jimmy Milliken,Appraiser Cyle Anderson,Appraiser Bill Hiltbold,Appraiser Vrinlli Flores,Administrative Assistant SCHEDULE: 9788160168 Pons Family LLC APPEARING 9788162219 Pons Family LLC APPEARING 9788168559 Piccolo Ramo LLC APPEARING 9824697043 AKG North America Inc. APPEARING 9799268800.001 600 Franklin Square LLC APPEARING 9799268800.002 600 Franklin Square LLC APPEARING 9799268800.003 600 Franklin Square LLC APPEARING 9799268800.004 600 Franklin Square LLC APPEARING 9799268800.005 600 Franklin Square LLC APPEARING 9799268800.006 600 Franklin Square LLC APPEARING 9799268800.007 600 Franklin Square LLC APPEARING 9799268800.008 600 Franklin Square LLC APPEARING 9788168237 Franchise Rlty Intst APPEARING 9799473234 McDonald's Corporation APPEARING 9798531950 Exchange at Meadowmont LLC NOT APPEARING 9788056472 Ambient Air LLC NOT APPEARING 9778860041 Humage Holdings LLC APPEARING 9880346537 86 North CGC LLC NOT APPEARING 9778855967 Richard G. Andrews NOT APPEARING 9799013406 Lila Y. Paydarfar,Trustee NOT APPEARING 9788168634 Roy D. Brown NOT APPEARING DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 Chair Hunter Beattie called the meeting to order at 1:01 PM. PONS FAMILY LLC PIN 9788160168 Marc Pons &Paul Snow appeared before the Board to appeal the value of the property located at 502 W. Franklin Street, Chapel Hill. The current assessed value of the property is $1,492,100. A list of evidence follows: APPELLANT COUNTY 9788160168 Appeal 9788160168 County The appellant is requesting that the Board reduce the valuation to $800,000 based on income and expenses from 2020 and a prior appraisal provided with an effective date of October 3,2014.-The appellant states that most of the value of the property is derived from the land with marginal value attributable to the building. Jimmy Milliken represented the County and stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 50%and the income approach at 50%for a reconciled valuation of$856,483 for the property. As a result of this review, Orange County recommends adding a market adjustment of-48%to the land value for a revised overall value of$854,400 for the property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to accept the County's revised value of$854,400 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 PONS FAMILY LLC PIN 9788162219 Marc Pons &Paul Snow appeared before the Board to appeal the value of the property located at 464 W. Franklin Street, Chapel Hill. The current assessed value of the property is $1,695,300. A list of evidence follows: APPELLANT COUNTY 9788162219 Appeal 9788162219 County Mr. Pons requested to hear the County's recommendation first. Jimmy Milliken represented the County and stated the appellant is appealing the valuation on the basis that the building is minimally functional and quite outdated and the appellant is suggesting a lower valuation of$800,000 for the property. Mr. Milliken stated that upon review of this property by CCA, CCA determined that the land needs an additional-3%market adjustment(-25%to-28%)and an economic market factor of-50%applied to the property. As a result of this review, Orange County recommends a revised value of$814,600 for the property. DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 Mr. Pons agreed with the County's recommendation of a revised valuation of$814,600 for the property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to accept the County's revised value of$814,600. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 BROWN PIN 9788168634 Roy D. Brown 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 420 W. Franklin Street, Chapel Hill. The current assessed value of the property is $718,400. A list of evidence follows: APPELLANT COUNTY 9788168634 Appeal 9788168634 County Jimmy Milliken represented the County and stated that the appellant is appealing the valuation on the basis that he feels the land value is incorrect and requests a lower valuation. As a result of a review, Orange County recommends removing the E20 market adjustment on the property and adding a-30% market adjustment to the land. The net result will be a decrease in value for the property to $688,900. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to accept the County's revised value of$688,900. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 EXCHANGE AT MEADOWMONT LLC PIN 9798531950 Collier Marsh,tax representative for the appellant elected not to appear before the Board and requested that the submitted documentation serve as the appeal. The appellant is appealing the value of property located at 1414 Raleigh Road, Chapel Hill. The current assessed value of the property is $30,189,300. A list of evidence follows: APPELLANT COUNTY 9798531950 Appeal 9798531950 County Kelly Wells represented the County and stated that the property known as the Exchange at Meadowmont includes two office buildings and 12.66 acres of land, and the appellant is appealing the valuation on the basis that the income and expenses from 2018 through 2020 suggest a lower valuation of$26,400,000. DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 Ms.Wells stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 50%and the income approach at 50%for a reconciled valuation of$26,926,389.As a result of this review, Orange County recommends changing the market adjustment on the land from-41%to- 38%and applying an economic market adjustment of E12 to the property for a revised valuation of $26,900,600 for the property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to accept the County's revised valuation of $26,900,600. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 AMBIENT AIR LLC PIN 9788056472 Larry Burks,tax representative for the appellant 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 116 S. Merritt Mill Road. Chapel Hill. The current assessed value of the property is $1,505,400. A list of evidence follows: APPELLANT COUNTY 9788056472 Appeal 9788056472 County Kelly Wells represented the County and stated that the property includes an office building and 0.77 acres of land, and the appellant is requesting a lower valuation based on comparable sales and suggests a valuation of$1,044,982. Ms. Wells stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 50%and the income approach at 50%for a reconciled valuation of$1,166,305 for the property. As a result of this review, Orange County recommends increasing the economic market adjustment on the property from E28 to E45 for a revised valuation of$1,149,900 for the property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to accept the County's revised valuation of $1,149,900. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 86 NORTH CGC LLC PIN 9880346537 Alex Carr,tax representative for the appellant elected not to appear before the Board and requested that the submitted documentation serve as the appeal. The appellant is appealing the value of property located at 200 Westminister Drive, Chapel Hill. The current assessed value of the property is $16,264,800. A list of evidence follows: DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 APPELLANT COUNTY 9880346537 Appeal 9880346537 County Kelly Wells represented the County and stated that the appellant is appealing the valuation of property known as 86 North Apartments on the basis that the income and expenses from 2020 suggest a lower valuation of$14,000,000 for this 144-unit apartment property. Ms. Wells stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 45%and the income approach at 55%for a reconciled valuation of$16,083,286 for the property. As a result of this review, Orange County recommends increasing the economic market adjustment on the property from E05 to E07 for a revised valuation of$15,922,100 for the property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to accept the County's revised valuation of $15,922,100 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 ANDREWS PIN 9778855967 Richard G. Andrews 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 101 S. Greensboro Street, Carrboro. The current assessed value of the property is $992,800. A list of evidence follows: APPELLANT COUNTY 9778855967 Appeal 9778855967 County Kelly Wells represented the County and stated the appellant is appealing the valuation of the property known as the Open Eye Caf6 on the basis that the income and expenses from 2020 suggest a lower valuation of$780,000. Ms. Wells stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 45%and the income approach at 55%for a reconciled valuation of$807,354 for the property. As a result of this review, Orange County recommends decreasing the market adjustment on the land from 150%to 90%for a revised value of$807,500 for the property. The Board reviewed all documents and information provided by the appellant and the County.After deliberation and review,Mr. Beattie made a motion to accept the County's revised valuation of$807,500 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 PICCOLO RAMO LLC PIN 9788168559 David B. Sutton appeared before the Board on behalf of Piccolo Ramo LLC to appeal the value of the property located at 402 W.Franklin Street, Chapel Hill. The current assessed value of the property is $738,900. A list of evidence follows: APPELLANT COUNTY 9788168559 Appeal 9788168559 County The appellant is requesting that the Board reduce the valuation citing the fact that at the time of purchase, the appraised value was lower than County's appraisal and is suggesting a valuation of$625,000. Jimmy Milliken represented the County and stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 50%and the income approach at 50%for a reconciled valuation of$619,292 for the property. As a result of this review, Orange County recommends adjusting the market factor on the land from-20%to-34%for a revised valuation of$618,500 for the property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to accept the County's revised valuation of$618,500 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 Mr. Beattie made a motion to recess the meeting until 1:45 PM. Mr. Beattie called the meeting back to order at 1:45 PM. AKG NORTH AMERICA INC PIN 9824697043 Jeff Glock,tax representative for the appellant appeared before the Board on behalf of the appellant to appeal the value of the property located at 7315 Oakwood Street,Mebane. The current assessed value of the property is $17,185,200. A list of evidence follows: APPELLANT COUNTY 9824697043 Appeal 9824697043 County The appellant is requesting that the Board reduce the valuation based on the cost and sales comparison approaches. The appellant stated that the subject is primarily an industrial facility with an office added in 2014. Construction of this facility began in 1982 with 28,300 sq. ft. and additional space has been added over time due to the appellant's needs. The appellant stated that the overall weighted average age of the facility is 18 '/2 years old and contains approximately 250,000 square feet on just over 40 acres. The appellant stated that the manufacturing side is made of steel and the office is made of concrete/masonry. The appellant stated that the income approach was not prepared for the subject due to the lack of lease DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 information for comparable manufacturing facilities in the area. The appellant then explained that the sales comparison approach yielded sales prices per square foot of$81, $53, and$27 and the appellant chose the median sales price of$53 per square foot for an estimated value of$13,309,000 for the property. The cost approach yields a value of$52 per square foot for an estimated value of$12,876,100. The appellant is requesting that the County lower the valuation of the property to $13,000,000. Cyle Anderson represented the County and stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 50%and the income approach at 50%for a reconciled valuation of$15,444,991. As a result of this review, Orange County recommends applying an E 11 economic market adjustment to the property for a revised valuation of$15,294,700 for the property. Discrepancies were found in the County's selection of comparable properties and the Board questioned comparable properties provided by both the County and appellant. Chris Mashburn explained due to subject property containing approximately 250,000 square feet, comparable properties similar to the subject property but not as large in square feet were the best available. Mr. Mashburn noted that in reviewing market data, CCA found two sales in Orange County that sold for$6.8 million and$6.5 million, as well as two sales in Durham County resulting in the average price per square of$63.80. Mr. Glock asserted that the first sale from Durham was a lease buyout and therefore not a fair market transaction. Mr. Glock stated that the second comparable sale was part of a portfolio transaction and wouldn't be a strong indicator of value and the third comparable sale utilized the square footage from the assessor's website whereas other data sources indicate the size of the sale is somewhat larger. Mr. Glock stated that the only sale that contained 119,000 square feet valued at$55 per square foot was relevant, and $55 per square foot is near the value the appellant is requesting. Mr. Mashburn stated that since the square footage of one comparable sale cannot be verified,that sale will be excluded and if both comparable sales provided by the appellant were included,the sales price per square foot would be $62.50. As the indicated value from the income approach remains unchanged,the value from the sales comparison approach would be at$62.50 price per sq. ft. with a reconciled value of $15,274,000 for the property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to accept the new recommended value of $15,274,000. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 600 FRANKLIN SQUARE LLC PIN 9799268800.001 Dave Pawlowski appeared before the Board on behalf of the appellant to appeal the value of the property located at 1829 E. Franklin Street Unit A, Chapel Hill. The current assessed value of the property is $119,200. A list of evidence follows: DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 APPELLANT COUNTY 9799268800.001 Appeal 9799268800.001 County The appellant is requesting that the Board reduce the valuation citing the fact that the County is valuing the unit as a single unit rather than considering its value as part of an eight unit office building functioning as one economic unit. Mr. Pawlowski explained that would be impractical and maybe illegal to sell these individual units due shared space (restrooms,hallways, &common area)within these units. Mr. Pawlowski displayed a floor plan of the office building illustrating the layout of the eight units and stated that he did not place any weight on comparable sales for the individual units. Mr. Pawlowski reviewed leasing income by net leasable area versus gross building area and contended that the value of the property should first be determined for the property as a whole and then allocated to the individual units based on size. Cyle Anderson represented the County and stated that the subject property is an office condominium built in 1984 and the appellant is appealing the valuation on the basis that the income and expenses from 2018 to 2020 suggesting a lower valuation of$89,185 for the property. Mr. Anderson stated that upon review of this property by CCA,CCA weighted the sales comparison approach at 50% and the income approach at 50%for a reconciled valuation of$121,199. As a result of this review, Orange County recommends no change to the current valuation of$119,200. Mr. Gunn explained to the Board that the County has to value each unit individually as no plat combining the eight units into a single unit has been recorded. Mr. Pawlowski stated that the sales the County used in its sales comparison approach do not have the functional obsolesce that individual units of the subject property do due to the way the subject units have been reconfigured, and therefore,the indications of value for the subject units are too high. Chris Mashburn from CCA stated that if the Board could place 80%weight on the valuation from the income approach, an allocated value of$112,741 would be indicated for the subject property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to adjust the value of the property to $112,741. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 600 FRANKLIN SQUARE LLC PIN 9799268800.002 Dave Pawlowski appeared before the Board on behalf of the appellant to appeal the value of the property located at 1829 E. Franklin Street Unit B, Chapel Hill. The current assessed of the property is $119,200. A list of evidence follows: APPELLANT COUNTY 9799268800.002 Appeal 9799268800.002 County The appellant is appealing the valuation on the basis that the income and expenses from 2018 to 2020 suggesting a lower valuation of$89,185. DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 The same evidence and analyses from the appellant and the County were presented for this property as were presented for parcel 9799268800.001. Chris Mashburn from CCA stated that if the Board could place 80%weight on the valuation from the income approach, an allocated value of$112,741 would be indicated for parcel 9799268800.002. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to adjust the value of the property to $112,741. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 600 FRANKLIN SQUARE LLC PIN 9799268800.003 Dave Pawlowski appeared before the Board on behalf of the appellant to appeal the value of the property located at 1829 E.Franklin Street Unit C, Chapel Hill. The current assessed value of the property is $114,900. A list of evidence follows: APPELLANT COUNTY 9799268800.003 Appeal 9799268800.003 County The appellant is appealing the valuation on the basis that the income and expenses from 2018 to 2020 suggesting a lower valuation of$85,815. The same evidence and analyses from the appellant and the County were presented for this property as were presented for parcel 9799268800.001. Chris Mashburn from CCA stated that if the Board could place 80%weight on the valuation from the income approach, an allocated value of$108,715 would be indicated for parcel 9799268800.003. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to adjust the value of the subject to $108,715. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 600 FRANKLIN SOUARE LLC PIN 9799268800.004 Dave Pawlowski appeared before the Board on behalf of the appellant to appeal the value of the property located at 1829 E. Franklin Street Unit D, Chapel Hill. The current assessed value of the property is $114,900. A list of evidence follows: DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 APPELLANT COUNTY 9799268800.004 Appeal 9799268800.004 County The appellant is appealing the valuation on the basis that the income and expenses from 2018 to 2020 suggesting a lower valuation of$85,815. The same evidence and analyses from the appellant and the County were presented for this property as were presented for parcel 9799268800.001. Chris Mashburn from CCA stated that if the Board could place 80%weight on the valuation from the income approach, an allocated value of$108,715 would be indicated for parcel 9799268800.004. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to adjust the value of the subject to $108,715. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 600 FRANKLIN SQUARE LLC PIN 9799268800.005 Dave Pawlowski appeared before the Board on behalf of the appellant to appeal the value of the property located at 1829 E. Franklin St Unit E, Chapel Hill. The current assessed value of the property is $114,900. A list of evidence follows: APPELLANT COUNTY 9799268800.005 Appeal 9799268800.005 County The appellant is appealing the valuation on the basis that the income and expenses from 2018 to 2020 suggesting a lower valuation of$85,815. The same evidence and analyses from the appellant and the County were presented for this property as were presented for parcel 9799268800.001. Chris Mashburn from CCA stated that if the Board could place 80%weight on the valuation from the income approach, an allocated value of$108,715 would be indicated for parcel 9799268800.005. The Board reviewed all documents and information provided by the appellant and the County.After deliberation and review,Mr. Beattie made a motion to adjust the value of the subject to $108,715. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 600 FRANKLIN SQUARE LLC PIN 9799268800.006 Dave Pawlowski appeared before the Board on behalf of the appellant to appeal the value of the property located at 1829 E.Franklin Street Unit F, Chapel Hill. The current assessed value of the property is $114,900. A list of evidence follows: APPELLANT COUNTY 9799268800.006 Appeal 9799268800.006 County The appellant is appealing the valuation on the basis that the income and expenses from 2018 to 2020 suggesting a lower valuation of$85,815. The same evidence and analyses from the appellant and the County were presented for this property as were presented for parcel 9799268800.001. Chris Mashburn from CCA stated that if the Board could place 80%weight on the valuation from the income approach, an allocated value of$108,715 would be indicated for parcel 9799268800.006. The Board reviewed all documents and information provided by the appellant and the County.After deliberation and review,Mr. Beattie made a motion to adjust the value of the subject to $108,715. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 600 FRANKLIN SQUARE LLC PIN 9799268800.007 Dave Pawlowski appeared before the Board on behalf of the appellant to appeal the value of the property located at 1829 E. Franklin Street Unit G, Chapel Hill. The current assessed value is $119,200. A list of evidence follows: APPELLANT COUNTY 9799268800.007 Appeal 9799268800.007 County The appellant is appealing the valuation on the basis that the income and expenses from 2018 to 2020 suggesting a lower valuation of$89,185. The same evidence and analyses from the appellant and the County were presented for this property as were presented for parcel 9799268800.001. Chris Mashburn from CCA stated that if the Board could place 80%weight on the valuation from the income approach, an allocated value of$112,741 would be indicated for parcel 9799268800.007. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to adjust the value of the subject to $112,741. Ms. Levine seconded the motion and the motion carried. DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 Yes: 3 Noes: 0 600 FRANKLIN SQUARE LLC PIN 9799268800.008 Dave Pawlowski appeared before the Board on behalf of the appellant to appeal the value of the property located at 1829 E.Franklin Street Unit H, Chapel Hill. The current assessed value of the property is $119,200. A list of evidence follows: APPELLANT COUNTY 9799268800.008 Appeal 9799268800.008 County The appellant is appealing the valuation on the basis that the income and expenses from 2018 to 2020 suggesting a lower valuation of$89,185. The same evidence and analyses from the appellant and the County were presented for this property as were presented for parcel 9799268800.001. Chris Mashburn from CCA stated that if the Board could place 80%weight on the valuation from the income approach, an allocated value of$112,741 would be indicated for parcel 9799268800.008. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to adjust the value of the subject to $112,741. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 FRANCHISE RLTY INTST PIN 9788168237 Rex Willoughby appeared before the Board to appeal the value of the property located at 409 W. Franklin Street, Chapel Hill. The current assessed value of the property is $5,101,300.A list of evidence follows: APPELLANT COUNTY 9788168237 Appeal 9788168237 County The appellant is requesting that the Board reduce the valuation citing the fact that the property was purchased in 1992 and has had a$2.6 million dollar increase in value since the 2017revaluation with no changes to the property. The appellant is requesting a reduction in value to the 2020 valuation of $2,501,900. Jimmy Milliken represented the County and stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 50%and the income approach at 50%for a reconciled valuation of$2,543,827.As a result of this review, Orange County recommends changing the land market factor from-5%to-54%for a revised valuation of$2,550,300 for the property. DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr.Beattie made a motion to accept the County's revised value of$2,550,300 for the property. Ms.Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 MCDONALD'S CORPORATION PIN 9799473234 Rex Willoughby appeared before the Board to appeal the value of the property located at 1748 Fordham Boulevard, Chapel Hill. The current assessed value is $1,907,700. A list of evidence follows: APPELLANT COUNTY 9799473234 Appeal 9799473234 County The appellant is requesting that the Board reduce the valuation citing the fact that the property has had a value increase with no changes to the property and requests that the Board lower the valuation to the 2020 valuation of$1,501,400. Kelly Wells represented the County and stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 50%and the income approach at 50% for a reconciled valuation of $1,749,883 for the property.As a result of this review, Orange County recommends decreasing the market adjustment on the land from 95%to 65%for a revised valuation of$1,744,100 for the property. The Board reviewed all documents and information provided by the appellant and the County.After deliberation and review,Mr. Beattie made a motion to accept the County's revised value of$1,744,100 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 LILA Y.PAYDARFAR,TRUSTEE PIN 9799013406 Lila Paydarfar elected not to appear before the Board and requested the submitted documents serve the appeal. The appellant is appealing the value of the property located at 223 Valley Park Drive, Chapel Hill. The current assessed value of the property is $432,200. A list of evidence follows: APPELLANT COUNTY 9799013406 Appeal 9799013406 County Bill Hiltbold represented the County and stated the appellant is appealing the valuation of a one-story property on the basis that the property is old and in need of renovation. The appellant states that the rent for each unit has not been increased for many years due to condition. DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 Mr. Hiltbold stated that upon review of this property by CCA, CCA determined that the indicated value from the sales comparison approach was $65,714 per unit or$328,571 and the indicated value from the income approach was $353,359. The indicated value from the sales comparison approach was weighted only 25%due to a lack of apartment sales with similar numbers of units, and the indicated value from the income approach was weighted 75%for a reconciled value of$347,162. After a field review of the property, it was discovered that there were seven stoops attached to the building that were not being recorded on the property record. The County recommends adding the seven stoops to the property record as well as reducing the effective year built of the building from 2002 to 1997 based on the building condition. The County also recommends correcting the amount of paving to 2,405 square feet and removing a commercial lump sum adjustment from the special features/yard items.After applying these changes,the County further recommends applying an E16 economic market adjustment to the property for a revised valuation of$346,300 for the property. The Board reviewed all documents and information provided by the appellant and the County.After deliberation and review,Mr. Beattie made a motion to accept the County's recommended changes and revised value of$346,300 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 Mr. Beattie made a motion to recess the meeting until 3:45 PM Mr. Beattie called the meeting back to order at 3:45 PM. HUMAGE HOLDINGS LLC PIN 9778860041 Grace Holton appeared before the Board to appeal the value of the property located at 105 W. Main Street Unit B, Carrboro. The current assessed value of the property is $290,500. A list of evidence follows: APPELLANT COUNTY 9778860041 Appeal 9778860041 County The appellant is requesting that the Board reduce the valuation citing the fact that the property is a small concrete block building on a slab and the land is just a bit larger than the building. The appellant feels the assessed value is too high considering the building's size and year built. Kelly Wells represented the County and stated the appeal is based on an inequitable increase in value compared to nearby parcels and the lack of parking on the subject property. The appellant's opinion of value is $250,800 for the property. Ms.Wells stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 50%and the income approach at 50%for a reconciled valuation of$254,441. As a result of this review, Orange County recommends decreasing the current market adjustment on the land from 75%to 23%for a revised valuation of$254,200 for the property. DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr.Beattie made a motion to accept the County's revised value of$254,200 for the property. Ms. Levine 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 3:46 PM. The motion was seconded by Ms. Levine and the meeting was adjourned. DocuSigned by: A-V L t r bt Afht, Hunter Beattie, Chair 4/1/2022 -Docu S/i/gned by: 1 4/1/2022 Vrinlli Flores,Recording Secretary