Loading...
HomeMy WebLinkAbout2025_11_05 BOER Minutes Docusign Envelope ID:8B4E4C2D-EF27-44DE-897D-E2195346C10E MINUTES Orange County Board of Equalization and Review Meeting held on November 5, 2025 Board Members in attendance: Chair of the Board Leon Meyers No Regular Member Saru Salvi Yes Regular Member Richal Vanhook Yes Alternate Member Shareese 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 Yes Orange County Staff in attendance: Office Assistant Jennifer Rigsbee Deputy Tax Assessor Chad Phillips Real Property Appraisal Manager Roger Gunn Commercial Property Consultant Paul Snow Personal Property Appraisal Manager Kandice Wright Tax Clerk Miracle Clay Meeting Schedule: No. 1 Time Appellant PIN or Abstract Appeared Appeal Type 1 1:01PM Westdale Poplar Place LP 9778336394 Yes Value-Real 2 1:45PM 1062655 No Untimely Andre Pierce Value-Personal Time B Meeting called to order 1:OOPM Richal Vanhook Meeting adjourned 1:52PM Saru Salvi Related meeting notes: • In the absence of Leon Myers,Barbara Levine served today. • Saru Salvi made a motion for Richal Vanhook to act as Chair for today's meeting. Barbara Levine seconded the motion. There were no objections. Docusign Envelope ID:8B4E4C2D-EF27-44DE-897D-E2195346C10E Property Identification: Property Owner Westdale Poplar Place LP Appellant(if different) Wes Peters,Property Tax Representative Property Address 605 Jones Ferry Road Parcel ID or Abstract 9778336394 Statement of Appeal: Request a reduction in value based on an income approach for this property. Current Assessed Value $27,289,900 ounty Opinion $27,289,900 Time of Hearin 1:01PM Appellant Opinion $26,410,000 County Representative Roger Gunn Board Decision $26,849,950 Evidence submitted by the appellant: • The appellant is requesting a lower valuation because the income approach with deduction of personal property value supports a lower valuation. Evidence submitted by the county representative: • Per the County's commercial property appraisal consultant review,the current valuation of $118,652 per unit(230 units)is below the valuation indicated by recent apartment sales,the income approach, and past sales of apartment complexes in Chapel Hill and Carrboro. • Additional consultant comments are, "This appeal is pretty reasonable,but I believe both the appeal and the County's 2025 assessment to be low. On a historical basis(see attached sales in Carrboro and Chapel Hill over past 10 years), it's hard to find a large apartment sale under $120,000 per unit. Chateau sold earlier this year at roughly$125,000 per unit on a 5.73%cap rate. It would be hard to say that Poplar Place is not superior based on sales before and after the lien date. Just providing some context since the appellant is shooting for$115,000 per unit. I do not believe the owner would have sold for that number. • Poplar Place has been sinking a good bit of money into freshening units in recent years. The property shows very well at this point. Looking backwards they have modeled 9.45%vacancy and high continued expenses at over 40%of effective gross income(IREM has the average at under 30%for the Triangle with taxes being included). The County has also modeled some income. Even without forecasting more gross rent looking forward,using a more reasonable looking forward 7%vacancy rate(considering the improvements made to the property), high expenses at 40%(topped that out) and a similar 5.5%cap rate,the County assessment is nearly supported. The Sales Data brackets the value on the high side. As said above,there are very few$120,000 and under sales in this market. Given how well this property looks and the investment the owners have made, I don't anticipate that the property would price at the dead bottom(or below)the range of sales on a price per unit.No change is recommended. • Location Map of Subject • Current Property Record Card of Subject(26 pages) • Sales and Income Approach Worksheet • Historical Sales of Chapel Hill and Carrboro Apartments Motion of the Board Value Changed as Follows: $26,849,950 Made the motion Barbara Levine Docusign Envelope ID:8B4E4C2D-EF27-44DE-897D-E2195346C10E Seconded the motion Saru Salvi Voted For All BOER Members Voted Against Property Identification: Property Owner Andre Pierce Appellant(if different) Property Address 2013 Utility Trailer Parcel ID or Abstract 11062655 Statement of Appeal: Request to hear the untimely filed appeal that was submitted after the 30 day window to appeal. Current Assessed Value N/A County Opinion Deny the request to hear the untimely appeal Time of Hearing 1:45PM Appellant Opinion Accept the request to hear the untimely appeal County Representative Miracle Clay Board Decision Deny the request to hear the untimely appeal Evidence submitted by the appellant: • I respectfully request that my personal property appeal for my 2013 utility trailer be opened for review. I understand the appeal was submitted after the 30-day deadline. The delay was unintentional. I overlooked the notice in the midst of personal and professional obligations including foreign visitors, follow-up medical care(wife), and work stress. Evidence submitted by the county representative: • The taxpayer has 30 days from the date of notice to appeal. The date of notice was August 1, 2025. The taxpayer filed for an appeal on October 5,2025,which the appeal was reviewed and denied due to it being an untimely appeal. Motion of the Board Other: Deny the request to hear the untimely appeal Made the motion Saru Salvi Seconded the motion Barbara Levine Voted For All BOER Members Voted Against Consent Agenda: Motion of the Board Accept Proposed Consent Agenda?: Yes Made the motion Saru Salvi Seconded the motion Barbara Levine Voted For All BOER Members Voted Against Docusign Envelope ID:8B4E4C2D-EF27-44DE-897D-E2195346C10E Notes: Please see the attached Consent Agenda list. Chair of the Bo igned by: Richal Vanhook M ('7R'I Qf1RREAF� 11/14/2025 Recording Secre �ocuSignd by: Jennifer Rigsbee � �' 11/14/2025 Docusign Envelope ID:8B4E4C2D-EF27-44DE-897D-E2195346C10E CONSENT AGENDA Orange County Board of Equalization and Review November 5th, 2025 Parcel ID Owner Name Current Recommended Reason for change Date Value Value Signed 9799161636 Vanessa Woods $663,800 $548,500 Multiple condition issues. Reducing Effective Year Built, changing 10/29/25 the condition from Average to Fair, adding 20% physical depreciation. 9778397166 Noorin Damji $494,800 $419,900 Applying-20% land adjustment for topography (stream) and 10/29/25 lowering the Effective Year Built from 2018 to 2008. 9851342098 Sherri Rose $1,019,100 $952,100 Adding-15%topography adjustment to land to account for pond 10/29/25 9880943776 John M. Milan $564,900 $494,700 Effective Year Built lowered 5 years to 1990, Applied a market factor 11/4/25 of-20%for size and noise 5