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HomeMy WebLinkAbout2021_10_21 BOER MINUTES DocuSign Envelope ID: E2BCDBED-225D-4680-867C-DF3ABABC19E3 MINUTES Board of Equalization and Review Date: October 21,2021 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 Steven Chad Phillips,Deputy Tax Assessor Kelly Wells, Chief Appraiser Jimmy Milliken,Appraiser Cyle Anderson,Appraiser Chris Mashburn,Appraiser with CCA Vrinlli Flores,Administrative Assistant SCHEDULE: 9880542910.001 Kingston Investor LLC NOT APPEARING 9880542910.002 Kingston Investor LLC NOT APPEARING 9880542910.003 Kingston Investor LLC NOT APPEARING 9880542910.004 Kingston Investor LLC NOT APPEARING 9880542910.005 Kingston Investor LLC NOT APPEARING 9880542910.006 Kingston Investor LLC NOT APPEARING 9880542910.007 Kingston Investor LLC NOT APPEARING 9880542910.008 Kingston Investor LLC NOT APPEARING 9788262823 West Side Limited PTNS &Triangle V Limited PTNS NOT APPEARING 9788261802 West Side Limited PTNS &Triangle V Limited PTNS NOT APPEARING 9788260736 West Side Limited PTNS &Triangle V Limited PTNS NOT APPEARING 9864800659 Horizon Acquisition#3 LLC NOT APPEARING 9880357604 Wachovia Bank&Trust NOT APPEARING 9880515521 Pendergraft Page Properties II LLC APPEARING 9788155869 James W. C. Pendergraft APPEARING 9788141426 ANTHEMUSA LLC NOT APPEARING Chair Hunter Beattie called the meeting to order at 1:01PM. DocuSign Envelope ID: E2BCDBED-225D-4680-867C-DF3ABABC19E3 KINGSTON INVESTOR LLC PIN 9880542910.001 David Kaufman 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 123 Kingston Drive Unit 105A, Chapel Hill. The current assessed value of the property is $123,000. A list of evidence follows: APPELLANT COUNTY 9880542910.001 Appeal 9880542910.001 County The appellant documentation stated that the estimated value of the property is $90,000. Cyle Anderson represented the County and stated that the appellant states that there is no income information available and the office condominium is in poor condition. However,the appellant submitted no evidence to support the opinion of value for the property. Upon review of this property by CCA, CCA weighted the sales comparison approach at 60%and the income approach at 40%for a reconciled valuation of$112,623. As a result of this review, Orange County recommends increasing the economic market adjustment on the property from E30 to E36 for a revised valuation of$112,500 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$112,500 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 KINGSTON INVESTOR LLC PIN 9880542910.002 David Kaufman 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 123 Kingston Drive Unit 106A, Chapel Hill. The current assessed value of the property is $123,000. A list of evidence follows: APPELLANT COUNTY 9880542910.002 Appeal 9880542910.002 County The appellant documentation stated that the estimated value of the property is $90,000. Cyle Anderson represented the County and stated that the appellant states that there is no income information available and the office condominium is in poor condition. However,the appellant submitted no evidence to support the opinion of value for the property. Upon review of this property by CCA, CCA weighted the sales comparison approach at 60%and the income approach at 40% for a reconciled valuation of$112,623. As a result of this review, Orange County recommends increasing the economic market adjustment on the property from E30 to E36 for a revised valuation of$112,500 for the property. DocuSign Envelope ID: E2BCDBED-225D-4680-867C-DF3ABABC19E3 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$112,500 for the property. Mr. Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 KINGSTON INVESTOR LLC PIN 9880542910.003 David Kaufman 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 123 Kingston Drive Unit 205A, Chapel Hill. The current assessed value of the property is $123,000. A list of evidence follows: APPELLANT COUNTY 9880542910.003 Appeal 9880542910.003 County The appellant documentation stated that the estimated value of the property is $90,000. Cyle Anderson represented the County and stated that the appellant states that there is no income information available and the office condominium is in poor condition. However,the appellant submitted no evidence to support the opinion of value for the property. Upon review of this property by CCA, CCA weighted the sales comparison approach at 60%and the income approach at 40% for a reconciled valuation of$112,623. As a result of this review, Orange County recommends increasing the economic market adjustment on the property from E30 to E36 for a revised valuation of$112,500 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$112,500 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 KINGSTON INVESTOR LLC PIN 9880542910.004 David Kauftnan 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 123 Kingston Drive Unit 206A, Chapel Hill. The current assessed value of the property is $123,000. A list of evidence follows: APPELLANT COUNTY 9880542910.004 Appeal 9880542910.004 County DocuSign Envelope ID: E2BCDBED-225D-4680-867C-DF3ABABC19E3 The appellant documentation stated that the estimated value of the property is $90,000. Cyle Anderson represented the County and stated that the appellant states that there is no income information available and the office condominium is in poor condition. However,the appellant submitted no evidence to support the opinion of value for the property. Upon review of this property by CCA, CCA weighted the sales comparison approach at 60%and the income approach at 40% for a reconciled valuation of$112,623. As a result of this review, Orange County recommends increasing the economic market adjustment on the property from E30 to E36 for a revised valuation of$112,500 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$112,500 for the property. Mr. Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 KINGSTON INVESTOR LLC PIN 9880542910.005 David Kaufman 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 123 Kingston Drive Unit 105B, Chapel Hill. The current assessed value of the property is $171,300. A list of evidence follows: APPELLANT COUNTY 9880542910.005 Appeal 9880542910.005 County The appellant documentation stated that the estimated value of the property is $145,000. Cyle Anderson represented the County and stated that the appellant states that there is no income information available and the office condominium is in poor condition. However,the appellant submitted no evidence to support the opinion of value for the property. Upon review of this property by CCA, CCA weighted the sales comparison approach at 60%and the income approach at 40%for a reconciled valuation of$171,188 for the property. As a result of this review, Orange County recommends no change to the current valuation of$171,300 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 recommendation of no change in value for the property.Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 DocuSign Envelope ID: E2BCDBED-225D-4680-867C-DF3ABABC19E3 KINGSTON INVESTOR LLC PIN 9880542910.006 David Kaufman 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 123 Kingston Drive Unit 106B, Chapel Hill. The current assessed value of the property is $171,300. A list of evidence follows: APPELLANT COUNTY 9880542910.006 Appeal 9880542910.006 County The appellant documentation stated that the estimated value of the property is $145,000. Cyle Anderson represented the County and stated that the appellant states that there is no income information available and the office condominium is in poor condition. However,the appellant submitted no evidence to support the opinion of value for the property. Upon review of this property by CCA, CCA weighted the sales comparison approach at 60%and the income approach at 40%for a reconciled valuation of$171,188 for the property. As a result of this review, Orange County recommends no change to the current valuation of$171,300 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 recommendation of no change in value for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 KINGSTON INVESTOR LLC PIN 9880542910.007 David Kauftnan 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 123 Kingston Drive Unit 205B, Chapel Hill. The current assessed value of the property is $171,300. A list of evidence follows: APPELLANT COUNTY 9880542910.007 Appeal 9880542910.007 County The appellant documentation stated that the estimated value of the property is$145,000. Cyle Anderson represented the County and stated that the appellant states that there is no income information available and the office condominium is in poor condition. However,the appellant submitted no evidence to support the opinion of value for the property. Upon review of this property by CCA, CCA weighted the sales comparison approach at 60%and the income approach at 40% for a reconciled valuation of$171,188 for the property. As a result of this review, Orange County recommends no change to the current valuation of$171,300 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 recommendation of no change in value for the property. Mr. Meyers seconded the motion and the motion carried. DocuSign Envelope ID: E2BCDBED-225D-4680-867C-DF3ABABC19E3 Yes: 3 Noes: 0 KINGSTON INVESTOR LLC PIN 9880542910.008 David Kaufrnan 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 123 Kingston Drive Unit 206B, Chapel Hill. The current assessed value of the property is $171,300. A list of evidence follows: APPELLANT COUNTY 9880542910.008 Appeal 9880542910.008 County The appellant documentation stated that the estimated value of the property is $145,000. Cyle Anderson represented the County and stated that the appellant states that there is no income information available and the office condominium is in poor condition. However,the appellant submitted no evidence to support the opinion of value for the property. Upon review of this property by CCA, CCA weighted the sales comparison approach at 60%and the income approach at 40%for a reconciled valuation of$171,188 for the property. As a result of this review, Orange County recommends no change to the current valuation of$171,300 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 recommendation of no change in value for the property.Mr. Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 PENDERGRAFT PAGE PROPERTIES II LLC PIN 9880515521 James Scott Pendergraft appeared before the Board on behalf of Pendergraft Page Properties II LLC, requesting the Board accept the untimely filed appeal of a 2 acre vacant property located west of Piney Mountain Road, Carrboro. A list of evidence follows: APPELLANT COUNTY 9880515521 Appeal 9880515521 County The appellant stated he was unaware of the appeal process until valuation notices for their Northside properties were received. Mr.Pendergraft explained that his father is elderly,has been unwell, and lives at the address where the notice was received and overlooked. The appellant asked the Board to grant that the appeal be heard. DocuSign Envelope ID: E2BCDBED-225D-4680-867C-DF3ABABC19E3 Roger Gunn represented the County and stated that the appeal information was placed on the tax bills mailed to taxpayers,the BOER notice is advertised in an area newspaper as is legally required, and the appeal process is also posted on the Orange County website. The Board reviewed all documents and information provided by the appellant and the County.After deliberation and review,Mr. Meyers made a motion to accept the untimely filed appeal to be scheduled at a later meeting. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 PENDERGRAFT PIN 9788155869 James Scott Pendergraft appeared before the Board on behalf of James W. C. Pendergraft to request the Board accept the untimely filed appeal of the property located at 112 Basnight Lane, Chapel Hill. A list of evidence follows: APPELLANT COUNTY 9788155869 Appeal 9788155869 County The appellant stated he was unaware of the appeal process until valuation notices for their Northside properties were received. Mr.Pendergraft explained that his father is elderly,has been unwell, and lives at the address where the notice was received and overlooked. The appellant asked the Board to grant that the appeal be heard. Roger Gunn represented the County and stated that the appeal information was placed on the tax bills mailed to taxpayers,the BOER notice is advertised in an area newspaper as is legally required, and the appeal process is also posted on the Orange County website. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr.Meyers made a motion to accept the untimely filed appeal to be scheduled at a later meeting. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 WEST SIDE LIMITED PTNS& TRIANGLE V LIMITED PTNS PIN 9788262823 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 a.64 acre parking lot on W. Franklin Street, Chapel Hill. The current assessed value of the property is $5,590,400. A list of evidence follows: APPELLANT COUNTY 9788262823 Appeal 9788262823 County DocuSign Envelope ID: E2BCDBED-225D-4680-867C-DF3ABABC19E3 Jimmy Milliken represented the County and stated that the appellant is requesting a lower valuation of $2,018,969 for the property.Mr. Milliken stated that upon review of this property Orange County recommends adding a-40%market adjustment to the land to be consistent with neighboring properties and adding an E40 economic market adjustment to the property for a revised value of$2,016,900. 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$2,016,900 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 WEST SIDE LIMITED PTNS& TRIANGLE V LIMITED PTNS PIN 9788261802 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 306 W. Franklin Street, Chapel Hill. The current assessed value of the property is $4,861,600. A list of evidence follows: APPELLANT COUNTY 9788261802 Appeal 9788261802 County Jimmy Milliken represented the County and stated that the appellant is appealing the valuation due to comparable properties suggesting a lower valuation of$2,629,000. 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$3,452,195.As a result of this review, Orange County recommends increasing the market adjustment of the land from-20%to -55%. With that adjustment,the revised valuation of the property would be $3,446,400. 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 $3,446,400. Mr. Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 WEST SIDE LIMITED PTNS& TRIANGLE V LIMITED PTNS PIN 9788260736 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 a.14 acre parking lot off W. Franklin Street, Chapel Hill. The current assessed value of the property is $502,500.A list of evidence follows: APPELLANT COUNTY 9788260736 Appeal 9788260736 County DocuSign Envelope ID: E2BCDBED-225D-4680-867C-DF3ABABC19E3 Jimmy Milliken represented the County and stated the appellant is requesting a lower valuation of $281,250 for the property. Upon review of this property, Orange County recommends increasing the economic market adjustment on the property from E50 to E75 for a revised value of$251,200,which is similar in value to neighboring parking lots. 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$251,200 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 HORIZON ACQUISITION#3 LLC PIN 9864800659 Alexander Carr of Ryan LLC elected not to appear before the Board on behalf of Horizon Acquisition#3 LLC to appeal the value of the property located at 500 William Hooper Circle,Hillsborough. The current assessed value of the property is $19,323,400. A list of evidence follows: APPELLANT COUNTY 9864800659 Appeal 9864800659 County Cyle Anderson represented the County and stated that the appellant states an opinion of value of $15,850,000 for the property but did not provide any supporting documentation to support this opinion. 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$18,622,502 for the property. As a result of this review, Orange County recommends increasing the economic market adjustment on the property from E02 to E06 for a revised valuation of$18,534,800. 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 $18,534,800. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 WACHOVIA BANK& TRUST PIN 9880357604 Alexander Carr of Ryan LLC elected not to appear before the Board on behalf of Wachovia Bank&Trust and requested that the submitted documentation serve as the appeal. The appellant is appealing the value of the property located at 101 Banks Drive, Chapel Hill. The current assessed value of the property is $2,252,900.A list of evidence follows: APPELLANT COUNTY 9880357604 Appeal 9880357604 County DocuSign Envelope ID: E2BCDBED-225D-4680-867C-DF3ABABC19E3 Jimmy Milliken represented the County and stated the appellant is asking for a lower valuation of $1,443,100 for the property but submitted no evidence in support of this opinion of value. Upon review of this property by CCA, CCA weighted the sales comparison approach at 25%and the income approach at 75% for a reconciled valuation of$2,254,376 for the property. CCA stated that they had reached out to the tax representative to request additional information and had no response. As a result of this review, Orange County recommends no change in value 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 recommendation of no change in value for the property. Mr. Meyers seconded the motion and the motion carried. Yes: 3 Noes: 0 ANTHEMUSA LLC PIN 9788141426 Bryson Tart from Cityplat LLC elected not to appear before the Board on behalf of ANTHEMUSA LLC, to appeal the value of the property located at 515 S. Merritt Mill Road, Chapel Hill. The current assessed value of the property is $1,606,300.A list of evidence follows: APPELLANT COUNTY 9788141426 Appeal 9788141426County Kelly Wells represented the County and stated the appellant is appealing the valuation of the property known as McCauley Trail Apartments on the basis that the income and expenses from 2018 through 2020 suggest a lower valuation of$1,587,000 for this 11-unit apartment property. 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$1,621,158.After reviewing the property, Orange County recommends changing the grade of building 1 from A-15 to C and building 2 from grade B to C resulting in a total building value reduction from$816,400 to $680,900 . As CCA's review does not recommended a reduction in overall value,the County also proposes increasing the land value from $775,200 to$907,800 by changing the economic market factor on the property from E24 to E11 for a revised total valuation of$1,605,900. 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$1,605,900. 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 1:45 PM. The motion was seconded by Ms. Levine and the meeting was adjourned. DocuSign Envelope ID: E2BCDBED-225D-4680-867C-DF3ABABC19E3 DocuSigned by: (�v�w1°�t,afflc. e 4/1/2022 Hunter Beattie, Chair /DocuSigned by: FDICA7D9006547D... 4/1/2022 Vrinlli Flores, Recording Secretary