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Home My WebLink About2025_07_24 BOER Minutes Docusign Envelope ID: BC772D21-D919-44A7-AA96-A6CF2CC30F19 MINUTES Orange County Board of Equalization and Review Meeting held on July 24, 2025 Board Members in attendance: Chair of the Board Leon Meyers Yes Regular Member Saru Salvi Yes Regular Member Richal Vanhook Yes Alternate Member Shereese Alston No Alternate Member Hunter Beattie No Alternate Member Tony Blake No Alternate Member Vaughn Compton No Alternate Member Shannon Julian No Alternate Member Barbara Levine No Orange County Staff in attendance: Tax Administrator Nancy Freeman Office Assistant Jennifer Rigsbee Deputy Tax Assessor Chad Phillips Real Property Appraisal Manager Roger Gunn Temporary Appraisal Assistant Rob Teachout Staff Attorney Martha Bordogna Commercial Property Consultant Paul Snow Meeting Schedule: Time PIN or Abstract Appellant Appeared Appeal Type 1:02 PM 9789552588 Chapel Hill Retirement Yes Value Residence LLC 1:30 PM 9874328408 EHSC Properties No Value 1:42 PM 9799038088.013 J K B Commercial LLC Yes Value 2:14 PM 9874322487 EHSC Properties No Value Time By Meeting called to order 1:01 PM Leon Meyers Meeting adjourned 2:28 PM Saru Salvi Related meeting notes: Saru Salvi made a motion to add a meeting on July 30, 2025, pending the practicality of the required advertisement. The primary agenda for this meeting would be for the Board to hear the County's request for further review and value correction as a result of the Vertical Regression Study. Richal Vanhook seconded the motion. There were no objections. Docusign Envelope ID: BC772D21-D919-44A7-AA96-A6CF2CC30F19 Property Identification: Property Owner Chapel Hill Retirement Appellant(if different) Dan Leonard Residence LLC Property Address 700 N. Estes Drive Parcel ID or Abstract 9789552588 Statement of Appeal: Request a reduction in value based on an income and cost approach. Current Assessed Value $28,805,000 County Opinion $28,805,000 Time of Hearin 1:02 PM Appellant Opinion $26,000,000 County Representative Roger Gunn Board Decision $28,805,000 Evidence submitted by the appellant: • The appellant has supplied an income approach, income and expense statements, cost approach,and a 2024 Seniors Housing Investors Survey in support for their estimate of value. Evidence submitted by the county representative: • Per the County's commercial property consultant, "This one went through informal appeals and was reduced from$33,159,300 to$28,805,000. They are trying to further appeal it to $26,000,000. They present an I&E for 2024(the property is 99.7%occupied on the year)and then suggest that,based on a survey,the actual NOI should be capped at a 9.5%. The survey shows Class B Assisted Living in Secondary Markets ranging from 7%to 10%. They pick the high end of the range even though our property is newly built,fully occupied and located in a high barrier to entry market. I did research on newly built assisted living properties and find that we should likely be at the bottom of the range. At an 8%cap,which may even be high, we'd be at$30.1M. If anything,the assessment may be a bit light." • Photograph of Subject • Location Map of Subject • Current Property Record Card of Subject • Comparable Sales for Subject Motion of the Board Accept the Coun 's recommendation of no change in value Made the motion Richal Vanhook Seconded the motion Leon Meyers Voted For Voted Against Saru Salvi Property Identification: Property Owner EHSC Properties Appellant if different Property Address 607 US 70A Parcel H)or Abstract 9874328408 Statement of Appeal: Request a reduction in value based on the purchase price on 02/06/2025. Docusign Envelope ID: BC772D21-D919-44A7-AA96-A6CF2CC30F19 Current Assessed Value $4,338,600 County Opinion $3,340,800 Time of Hearin 1:30 PM Appellant Opinion $3,331,400 County Representative Roger Gunn Board Decision $3,340,800 Evidence submitted by the appellant: • I purchased the property on 2/6/2025 for$3,331,400. Evidence submitted by the county representative: • The appellant purchased the subject property along with PIN 9874322487 for$4,219,000 according to deed stamps. Although there seems to be some relationship between the appellant and prior owner,as evidenced in the deed with them both having the same PO Box address,the request for a reduction to the sales price(which was also the 2021-2024 assessed value)is considered reasonable as the real issue for the building is its age,low ceiling heights and low office percentage all pointing to the value not coming in significantly higher than the previous assessed value. The 15 foot ceiling heights is considered far substandard today for a warehouse this size and would definitely hurt value. • Apply E23 (-23%)market adjustment to land and building thereby reducing the overall property value to $3,340,800. • Photograph of Subject • Location Map of Subject • Current Property Record Card of Subject • Proposed Property Record Card of Subject Motion of the Board Accept the County's revised value of$3,340,800 by making adjustments to the building value but not the land value Made the motion Saru Salvi Seconded the motion Leon Meyers Voted For Richal Vanhook Voted Against Property Identification: Property Owner J K B Commercial LLC Appellant(if different) Jacques El-Chayeb Property Address 101 Conner Drive Parcel H)or Abstract 9799038088.013 Statement of Appeal: Request a reduction in value based on the income and expenses produced by the property in 2024. Current Assessed Value $704,200 County Opinion $704,200 Time of Hearin 1:42 PM Appellant Opinion $370,000 County Representative Roger Gunn Board Decision $586,800 Docusign Envelope ID: BC772D21-D919-44A7-AA96-A6CF2CC30F19 Evidence submitted by the appellant: • 2024 income and expenses support a lower value. Evidence submitted by the county representative: • The subject is a 3,912 square foot office condo in the Willowcrest Office Condos building. Per the County's commercial appraisal consultant: "The Willowcrest Building is always hard to deal with because of the way the split up space and documented those changes. I believe that this is therapist space,but it's very hard to tell. Depending on what the owner can tell us about the space, it may or may not be reasonable to make a change. There is one sale in that building that is large enough and recent enough to consider. Unfortunately,it was motivated and the broker directly told me the space was very dated,needed work and he would not use it as a comparable sale. I included it because I felt like I had to,but it muddies the waters." • The subject is valued at approximately$180 a square foot which is in range with comparable sales.No adjustment is supported. • Photograph of Subject • Location Map of Subject • Current Property Record Card of Subject • Comparable Sales for Subject Motion of the Board Revised value of$586,800 Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For Leon Meyers Voted Against Property Identification: Property Owner EHSC Properties Appellant(if different) Property Address 1525 US 70A I Parcel ID or Abstract 19874322487 Statement of Appeal: Request a reduction in value based on the purchase price on 02/06/2025. Current Assessed Value $958,500 County Opinion 1 $891,400 Time of Hearin 2:14 PM Appellant Opinion $887,300 County Representative Roger Gunn Board Decision $958,500 Evidence submitted by the appellant: • I purchased the property on 2/6/2025 for$887,300. Evidence submitted by the county representative: • The appellant purchased the subject property along with PIN 9874328408 for$4,219,000 according to deed stamps. Although there seems to be some relationship between the appellant and prior owner,as evidenced in the deed with them both having the same PO Box address,the Docusign Envelope ID: BC772D21-D919-44A7-AA96-A6CF2CC30F19 request for a reduction to the sales price(which was also the 2021-2024 assessed value) is considered reasonable. • Apply E07(-7%)market adjustment to land thereby reducing the overall property value to $891,400. • Photograph of Subject • Location Map of Subject • Current Property Record Card of Subject • Proposed Property Record Card of Subject Motion of the Board No change in value Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For Leon Meyers Voted Against Chair of the 9d;Signed by: Leon Meyers 7/30/2025 Recording Secre I'ScuSigned by: Jennifer Rigsbee �� 7/30/2025