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Home My WebLink About2023-06-21 BOER MINUTES DocuSign Envelope ID:6898C834-3C6B-44B2-9207-29080FB15A89 MINUTES Orange County Board of Equalization and Review Meeting Held on June 21, 2023 Board Members in attendance: Chair of the Board Leon Meyers No Regular Member Tony Blake Yes Regular Member Barbara Levine Yes Alternate Member Hunter Beattie No Alternate Member Shannon Julian Yes Alternate Member Joy Mercer No Alternate Member Sarojini Salvi No Orange County Staff in attendance: Tax Administrator Nancy Freeman Business Officer Leslie Wilcox Office Assistant Jennifer Rigsbee Deputy Tax Assessor Chad Phillips Real Property Appraisal Manager Roger Gunn Chief Appraiser Kelly Wells Meeting Schedule: Time PIN or Abstract Appellant Appeared Appeal Type 1:02 PM 9799595134 WRH Dobbins Hill I LLC No Value 1:06 PM 9799584892 Dobbins Hill 11 LLC No Value 1:08 PM 9799593279 Dobbins Hill II LLC No Value Time By Meeting called to order 1:02 PM Barbara Levine Meeting adjourned 1:10 PM Barbara Levine Related meeting notes: Leon Meyers, Chair of the Board, was unavailable for the meeting on June 21, 2023. Barbara Levine will be filling in as the Chair of the Board for this meeting. DocuSign Envelope ID:6898C834-3C6B-44B2-9207-29080FB15A89 Property Identification: Property Owner WRH Dobbins Hill I LLC Appellant(if different) Kevin Baker Property Address 1749 Dobbins Drive Parcel ID or Abstract 9799595134 Statement of Appeal: Requested reduction in value based on recent income and expense data. Current Assessed Value $5,655,900 1 County Opinion $4,684,000 Time of Hearing 1:02 PM Appellant Opinion $4,820,000 County Representative Kelly Wells Board Decision $4,684,000 Evidence submitted by the appellant: • The income and expense data provided do not support the current valuation of the Low Income Housing tax credit apartment complex. • The property is smaller and has limited appeal in the market. • Being grouped with a sister property with a different owner but sharing the same staff, management and service contracts should reflect in the value to meet the market. Evidence submitted by the county representative: • The subject property known as Dobbins Hill I consists of a Low Income Housing Tax Credit (LIHTC) apartment complex with 55 units on 4.9 acres and is valued as a single property, not in conjunction with the sister properties. Market data provided by Analytical Consultants for LIHTC properties indicate a market vacancy and loss rate of 5%, an operating expense rate of 52% and a capitalization rate of 5%. Based on the NC Housing LIHTC rents supplied for this project and these rates, including the local tax rate, it was determined that the indicated value by the income approach is $4,715,308. There were no recent comparable sales available nearby to support the sales comparison approach. Orange County recommends changing the primary neighborhood modifier from E36 to E47, resulting in a decrease in the valuation from $5,655,900 to $4,684,000. • Supportive rates supplied by Analytical Consultants for LIHTC apartments and calculations. • Aerial view of subject property. • Property record cards indicating before and after changes and values. Motion of the Board To accept the County's revised value of$4,684,000 Made the motion Tony Blake Seconded the motion Shannon Julian Voted For Barbara Levine Voted Against DocuSign Envelope ID:6898C834-3C6B-44B2-9207-29080FB15A89 Property Identification: Property Owner Dobbins Hill II LLC Appellant(if different) Kevin Baker Property Address 1749 Dobbins Drive Parcel ID or Abstract 9799584892 Statement of Appeal: Requested reduction in value based on recent income and expense data. Current Assessed Value $2,062,400 1 County Opinion $1,718,700 Time of Hearing 1:06 PM Appellant Opinion $1,753,000 County Representative Kelly Wells Board Decision $1,718,700 Evidence submitted by the appellant: • The income and expense data provided do not support the current valuation of the Low Income Housing tax credit apartment complex. • The property is smaller and has limited appeal in the market. • Being grouped with a sister property with a different owner but sharing the same staff, management and service contracts should reflect in the value to meet the market. I Evidence submitted by the county representative: • The subject property known as Dobbins Hill II consists of a Low Income Housing Tax Credit (LIHTC) apartment complex with 20 units on 1.58 acres and is valued as a single property, not in conjunction with the sister properties. Market data provided by Analytical Consultants for LIHTC properties indicate a market vacancy and loss rate of 5%, an operating expense rate of 52% and a capitalization rate of 5%. Based on the NC Housing LIHTC rents supplied for this project and these rates, including the local tax rate, it was determined that the indicated value by the income approach is $1,730,862. There were no recent comparable sales available nearby to support the sales comparison approach. Orange County recommends changing the primary neighborhood modifier from E40 to E50, resulting in a decrease in the valuation from $2,062,400 to $1,718,700. • Supportive rates supplied by Analytical Consultants for LIHTC apartments and calculations. • Aerial view of subject property. • Property record cards indicating before and after changes and values. Motion of the Board To accept the County's revised value of$1,718,700 Made the motion Tony Blake Seconded the motion Shannon Julian Voted For Barbara Levine Voted Against DocuSign Envelope ID:6898C834-3C6B-44B2-9207-29080FB15A89 Property Identification: Property Owner Dobbins Hill II LLC Appellant(if different) Kevin Baker Property Address 1749 Dobbins Drive Parcel ID or Abstract 9799593279 Statement of Appeal: Requested reduction in value based on recent income and expense data. Current Assessed Value $1,524,600 1 County Opinion $1,263,200 Time of Hearing 1:08 PM Appellant Opinion $1,295,000 County Representative Kelly Wells Board Decision $1,263,200 Evidence submitted by the appellant: • The income and expense data provided do not support the current valuation of the Low Income Housing tax credit apartment complex. • The property is smaller and has limited appeal in the market. • Being grouped with a sister property with a different owner but sharing the same staff, management and service contracts should reflect in the value to meet the market. Evidence submitted by the county representative: • The subject property known as Dobbins Hill II consists of a Low Income Housing Tax Credit (LIHTC) apartment complex with 12 units on 0.88 acres and is valued as a single property, not in conjunction with the sister properties. Market data provided by Analytical Consultants for LIHTC properties indicate a market vacancy and loss rate of 5%, an operating expense rate of 52% and a capitalization rate of 5%. Based on the NC Housing LIHTC rents supplied for this project and these rates, including the local tax rate, it was determined that the indicated value by the income approach is $1,276,908. There were no recent comparable sales available nearby to support the sales comparison approach. Orange County recommends changing the primary neighborhood modifier from E30 to E42, resulting in a decrease in the valuation from $1,524,600 to $1,263,200. • Supportive rates supplied by Analytical Consultants for LIHTC apartments and calculations. • Aerial view of subject property. • Property record cards indicating before and after changes and values. Motion of the Board To accepts the County's revised value of$1,263,200 Made the motion Tony Blake Seconded the motion Shannon Julian Voted For Barbara Levine Voted Against DocuSign Envelope ID:6898C834-3C6B-44B2-9207-29080FB15A89 Chair of the Bon,;,uS,,gned by:a �u�Barbara Levineeas�',.,,.... 6/2 2/2 02 3 Recording Secre 6cuSignd by: Jennifer Rigsbee '� ' 6/22/2023