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Home My WebLink About2026_01_14 BOER Minutes Docusign Envelope ID:38AFAC48-B02F-4009-9347-E5654482C416 MINUTES Orange County Board of Equalization and Review Meeting held on January 14, 2026 Board Members in attendance: Chair of the Board Leon Meyers Yes 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 No Orange County Staff in attendance: Tax Administrator Nancy Freeman Office Assistant Jennifer Ri sbee Real Property Appraisal Manager Roger Gunn Temporary Appraiser Assistant Rob Teachout Appraiser C le Anderson Commercial Property Consultant Paul Snow Meeting Schedule: No. Time 1 Appellant PIN or Abstract Appeared Appeal Type 1 10:OOAM Jamie Paulen 9864448445 Yes Value-Real 2 10:21AM NR Edge Apartments Property 9870985265 Remote Value-Real Owner LLC (Morgan Fowler/Ryan LLC) 3 10:43AM RG Hillsborough Owner LLC 9863886264 Remote Value-Real (Morgan Fowler/Ryan LLC) 4 10:55AM Beachfront LLC/ Pondfront LLC 9880200342 Remote Value-Real (Morgan Fowler/Ryan LLC) 5 11:07AM Hillsborough NC I SGF LLC 9864807744 Remote Value-Real (Morgan Fowler/Ryan LLC) 6 11:29AM Thermo Fisher Scientific 9834445110 Remote Value-Real Asheville LLC (Morgan Fowler/Ryan LLC) 7 11:47AM ECP CH West End LLC 9778266500 Remote Value -Real (Morgan Fowler/Ryan LLC) 8 11:58AM Folsom Gateway Associates LP 9778258181 Remote Value -Real (Morgan Fowler/Ryan LLC) 1 Docusign Envelope ID:38AFAC48-B02F-4009-9347-E5654482C416 Time B Meeting called to order 10:OOAM Leon Meyers Meeting adjourned 12:11PM Leon Meyers Property Identification: Property Owner Jamie Paulen Appellant(if different) Property Address 907 Eno Street I Parcel ID or Abstract 19864448445 Statement of Appeal: Request reduction in value based on unique property that is considered difficult to value. Current Assessed Value $363,500 County Opinion $363,500 Time of Hearin 10:00AM Appellant Opinion $250,000 County Representative C le Anderson Board Decision $363,500 Evidence submitted by the appellant: • The appellant states that the subject property is unique and difficult to value. No supporting documentation was provided with this appeal. Evidence submitted by the county representative: • The subject property is a 0.17-acre tract improved with a retail store building on card one and a multi-family dwelling on card two. The appellant states that the subject property is unique and therefore difficult to assess. However,no supporting documentation was provided with this appeal. • County staff reviewed the subject property, which sold through MLS in May 2021 for $385,000. After reviewing the 2021 listing information and photographs, and in the absence of any supporting documentation, County staff recommends no change to the current assessed value of$363,500. • Photo of Subject • GIS Map • MLS Agent Remarks • Current Property Record Card Motion of the Board Accept Count 's Proposed Value: $363,500 No Change in Value Made the motion Richal Vanhook Seconded the motion Saru Salvi Voted For All BOER Members Voted Against Property Identification: Property Owner NR Edge Apartments Appellant(if different) Morgan Fowler/Ryan Property Owner LLC LLC 2 Docusign Envelope ID:38AFAC48-B02F-4009-9347-E5654482C416 Property Address I 100 Carraway Crossing Parcel ID or Abstract 9870985265 Statement of Appeal: Request reduction in value based on an income and market proforma approach. Current Assessed Value $80,142,700 ounty Opinion $84,004,700 Time of Hearin 10:21AM Appellant Opinion $71,088,800 County Representative Roger Gunn Board Decision $84,004,700 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach and market proforma. Evidence submitted by the county representative: • The subject is a 403-unit luxury apartment complex known as Carraway Village Luxury Apartments was constructed in 2018 and is currently assessed at$80,142,700 or$198,865 per unit. This property enjoyed relatively high occupancy until Carraway Tower was delivered and provided competition as it has leased up, which greatly increased vacancy. This property was 19.35%vacant in January 2025 and was not stabilized. Had it been fully leased,the rent would have been$2.12 per square foot per month. which the County has used as a potential rent. After stabilized operations are estimated, a value higher than the current assessment are suggested by both the Income and the Sales Approaches and the appellant's appeal is not supported. Please note that no Income and Expense information was provided by the appellant, only a rent roll summary. • Based on an analysis of the County's sales and the income approach,the County recommends reducing the current E17 economic modifier on the property value to E13 which would result in a revised value of$84,004,700 or$208,448 per unit. • Location Map of Subject • Current Property Record Card(30 pages) • Proposed Property Record Card(30 pages) • Comparable Sales and Income Approach • Triangle Luxury Apartment Capitalization Rate Support Motion of the Board Accept Count 's Proposed Value: $84,004,700 Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner RG Hillsborough Owner Appellant(if different) Morgan Fowler/Ryan LLC LLC Property Address 1600 South Churton Street Parcel ID or Abstract 9863886264 3 Docusign Envelope ID:38AFAC48-B02F-4009-9347-E5654482C416 Statement of Appeal: Request reduction in value based on actual income and a market proforma income approach. Current Assessed Value $26,881,300 County Opinion $26,881,300 Time of Hearin 10:43AM Appellant Opinion $21,800,000 County Representative Roger Gunn Board Decision $26,881,300 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on actual income and a market proforma income approach. Evidence submitted by the county representative: • The subject is a 166-unit apartment complex in Hillsborough known as Pinewood Station Apartments that was constructed in 1972. • The owner purchased the property in November 2022 for$30,825,000. They then spent a significant amount of money renovating(roughly$1.5 million or$9,000 per unit in 2023). Following the renovation and continued rental increases at the property more vacancy has followed,but the property still increased effective revenue by almost 6%in 2024 from 2023. • The agent has applied concessions to the pro forma of 4%, loss to lease of 8%, and 7% vacancy. The market would anticipate that, as the property re-stabilizes, at the very least the concessions would go away. The County has considered the property conditions and has applied market estimates accordingly. The County's comparable sales and income approach support the current assessed value. • As a result, no change in value is recommended. • Location Map of Subject • Current Property Record Card(48 pages) • Comparable Sales and Income Approach Motion of the Board Accept Count 's Proposed Value: $26,881,300 No Change in Value Made the motion Richal Vanhook Seconded the motion Saru Salvi Voted For All BOER Members Voted Against Property Identification: Property Owner Beachfront LLC/ Appellant(if different) Morgan Fowler/Ryan Pondfront LLC LLC Property Address 12701 Homestead Road Parcel ID or Abstract 9880200342 Statement of Appeal: Request reduction in value based on an income approach and market proforma. Current Assessed Value $38,404,200 County O inion $36,076,700 Time of Hearin 10:55AM Appellant Opinion $31,208,500 County Representative Roger Gunn Board Decision $36,076,700 4 Docusign Envelope ID:38AFAC48-B02F-4009-9347-E5654482C416 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach and market proforma. Evidence submitted by the county representative: • The subject is a 224 unit apartment complex known as Chapel View Apartments and is currently assessed at$38,404,200 or$171,447per unit. The owner purchased the property in June 2023 for$39,800,000 and are now requesting a valuation of$31,208,500 Prior to purchase, the property was receiving significant investment and received almost$1.3 million in non-recurring expenses in 2023. The capital expenses for 2024 were omitted from the evidence. The new owner has pushed rents approximately 12%just in 2024. This has resulted in high temporary vacancy, concessions and bad debt. The County assesses property"as stabilized" so it is inappropriate to assume that the bad debt and concessions will continue. With that being said,the property rents do not justify the current assessment and the County's income approach renders a value of$35,866,752. • As a result of this analysis,the County recommends increasing the E01 economic modifier on the property to E07 which would result in a revised overall value of$36,076,700. • Location Map of Subject • Current Property Record Card(30 pages) • Proposed Property Record Card(30 pages) • Comparable Sales and Income Approach Motion of the Board Accept Count 's Proposed Value: $36,076,700 Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner Hillsborough NC I SGF Appellant(if different) Morgan Fowler/Ryan LLC LLC Property Address 1 113 Mayo Street Parcel ID or Abstract 9864807744 Statement of Appeal: Request reduction in value based on an income approach and market proforma. Current Assessed Value $9,038,900 County Opinion $8,030,300 Time of Hearin 11:07AM Appellant Opinion $6,477,018 County Representative Roger Gunn Board Decision $7,500,000 Evidence submitted by the appellant: • The appellant is requesting a lower value based on an income approach and market proforma. Evidence submitted by the county representative: 5 Docusign Envelope ID:38AFAC48-B02F-4009-9347-E5654482C416 • Based on the County's commercial appraiser consultant's analysis of comparable sales and the income approach, the County recommends increasing the demand depreciation on the building from 35%to 46%which would result in a revised value of$8,030,300. • GIS Map of Subject • Current Property Record Card • Proposed Property Record Card • Comparable Sales and Income Approach • Commercial Appraiser Consultant's Analysis Motion of the Board Value Changed as Follows: $7,500,000 Made the motion Leon Meyers Seconded the motion Saru Salvi Voted For All BOER Members Voted Against ... Property Identification: Property Owner Thermo Fisher Scientific Appellant(if different) Morgan Fowler/Ryan Asheville LLC LLC Property Address 6086 West Ten Road Parcel ID or Abstract 9834445110 Statement of Appeal: Request reduction in value based on a pro-forma income approach and equity comparables indicating a lower valuation. Current Assessed Value $36,100,500 ounty Opinion $39,670,900 Time of Hearin 10:29AM Appellant Opinion $32,647,000 County Representative Roger Gunn Board Decision $39,670,900 Evidence submitted by the appellant: • The appellant is requesting a reduction in value based on a pro-forma income approach and equity comparables indicating a lower valuation. Evidence submitted by the county representative: • The County has provided comparable industrial sales indicating a value of$116 per square foot or$44,186,997, and an income approach with an indicated value of$40,219,833 and a reconciled value of$41,000,000 from the two approaches. Based on these approaches and the County's commercial appraiser consultant's analysis (both attached)the county recommends removing the current E09 economic modifier on the property which would increase the subject's value to $39,670,900, aligning more closely to the indicated value from the income approach. • GIS Map of Subject • Current Property Record Card(4 pages) • Proposed Property Record Card(4 pages) • Comparable Sales and Income Approach • Commercial Appraiser Consultant's Analysis 6 Docusign Envelope ID:38AFAC48-B02F-4009-9347-E5654482C416 Motion of the Board Accept Count 's Proposed Value: $39,670,900 Made the motion Richal Vanhook Seconded the motion Saru Salvi Voted For All BOER Members Voted Against Property Identification: Property Owner ECP CH West End LLC Appellant(if different) Morgan Fowler/Ryan LLC Property Address 200 NC 54 Bypass Parcel ID or Abstract 9778266500 Statement of Appeal: Request reduction in value based on a market income approach. Current Assessed Value $23,532,900 ounty Opinion $23,532,900 Time of Hearin 11:47AM Appellant Opinion $20,583,900 County Representative Roger Gunn Board Decision $23,532,900 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on a market income approach. Evidence submitted by the county representative: • The subject is a 188-unit apartment complex known as West End Flats that was built in 1996 and is currently assessed at $23,532,900 or$125,175 per unit.West End Flats was purchased in June 2019 for$19,250,000 and then renovated(per news articles). No actual income or expenses were made available. Therefore, the County used surveys to estimate rents and reasonable vacancy and expense estimates. The recent renovations are also considered in the valuation. The County's comparable sales and income approach support the current valuation with no change in value recommended. • Location Map of Subject • Current Property Record Card(30 pages) • Comparable Sales and Income Approach • Chapelboro.com News Story about Property Motion of the Board Accept Count 's Proposed Value: 1 $23,532,900 No Change in Value Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Docusign Envelope ID:38AFAC48-B02F-4009-9347-E5654482C416 Property Owner Folsom Gateway Appellant(if different) Morgan Fowler/Ryan Associates LP LLC Property Address 222 Old Fayetteville Road Parcel ID or Abstract 9778258181 Statement of Appeal: Request reduction in value based on an income approach and market proforma. Current Assessed Value $44,292,300 ounty Opinion $44,292,300 Time of Hearin 11:58AM Appellant Opinion $40,000,000 County Representative Roger Gunn Board Decision $44,292,300 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach and market proforma. Evidence submitted by the county representative: • The subject is a 236-unit apartment complex known as Autumn Woods Apartments that was built in 1996 and is currently assessed at$44,292,300 or$187,679 per unit. The owner purchased the property in September 2021 for$55,650,000. They then spent roughly $3,000,000 on the property while turning over many of the units. The agent has included non- recurring expenses in their pro forma,which is not appropriate and would change the agent's assessed value to be above the assessed value(all other things being equal). The owner will expect to be paid for their efforts with rising rents and lower expenses. The County's comparable sales and income approach support the current assessed value and no change in value is recommended. • Location Map of Subject • Current Property Record Card(30 pages) • Comparable Sales and Income Approach Motion of the Board Accept Coun 's Proposed Value: 1 $44,292,300 No Change in Value Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Chair of the 64;Signed by: Leon Meyers [ �-)�_,FE 1/26/2026 Recording Secre 91ocuSigned by: Jennifer Ri sbeeLYJA��r I��Stit g 99B66e9ooee2a 1/26/2026 8 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 Meeting held on January 14, 2026 Board Members in attendance: Chair of the Board Leon Meyers Yes Regular Member Saru Salvi No 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 Yes 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 Appraiser Assistant Rob Teachout Appraiser Jimmy Milliken Commercial Property Consultant Paul Snow Meeting Schedule: No. Time Appellant PIN or Abstract Appeared Appeal Type 1 1:OOPM 100 Regent Place LLC 9890316195 Remote Value-Real (Morgan Fowler/Ryan LLC) 2 1:23PM 100 Regent Place LLC 9890307738 Remote Value-Real (Morgan Fowler/Ryan LLC) 3 1:25PM 100 Regent Place LLC 9890306819 Remote Value-Real (Morgan Fowler/Ryan LLC) 4 1:27PM 100 Regent Place LLC 9890317249 Remote Value-Real (Morgan Fowler/Ryan LLC) 5 1:28PM 100 Regent Place LLC 9890317008 Remote Value-Real (Morgan Fowler/Ryan LLC) 6 1:30PM 100 Regent Place LLC 9890306729 Remote Value-Real (Morgan Fowler/Ryan LLC) 7 1:31PM 100 Regent Place LLC 9890307050 Remote Value -Real (Morgan Fowler/Ryan LLC) 8 1:32PM 100 Regent Place LLC 9890308803 Remote Value-Real (Morgan Fowler/Ryan LLC) 9 1:33PM 100 Regent Place LLC 9890308723 Remote Value-Real (Morgan Fowler/Ryan LLC) 10 1:36PM 100 Regent Place LLC 9890306988 Remote Value-Real 1 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 (Morgan Fowler/Ryan LLC) 11 1:38PM Chapel Hill 336 LLC 9789365443 Remote Value-Real (Morgan Fowler/Ryan LLC) 12 1:53PM Shelton Station Apartments LLC 9778970532 Remote Value-Real (Morgan Fowler/Ryan LLC) 13 3:OOPM KIWA LLC 9778913957 Remote Value-Real (Debbie Askins/Ryan LLC) 14 3:05PM KIWA LLC 9778919619 Remote Value-Real (Debbie Askins/Ryan LLC) Time B Meeting called to order 1:OOPM Leon Meyers Meeting adjourned 3:34PM Richal Vanhook Property Identification: Property Owner 100 Regent Place LLC Appellant(if different) Morgan Fowler/Ryan LLC Property Address 91 Weaver Dairy Road Parcel ID or Abstract 9890316195 Statement of Appeal: Request reduction in value based on income and expense analysis. Current Assessed Value $456,600 ounty Opinion $456,600 Time of Hearin 1:OOPM Appellant Opinion $250,430 County Representative Jimmy Milliken Board Decision $456,600 Evidence submitted by the appellant: • See attached income and expense analysis. Evidence submitted by the county representative: • The subject property is located at 91 Weaver Dairy Road in NBC 7490. The property is a residential duplex built in 1983 and contains 2,648 square feet of living area. • The documentation submitted by the appellant suggests valuing the subject property collectively with nine other properties as an apartment property and assigning a pro-rata value to each property based on the $2,450,500 total indication of value from the income approach. However, the ten properties are all single duplexes on individual lots and have the capacity to be bought and sold separately as individual parcels. For this reason, each parcel is valued independently based on their individual property characteristics. • County staff conducted an analysis of the subject property and comparable duplex sales. Based on the findings of this analysis,the County feels the current assessed value is well supported and recommends no change to the current assessed value. • Photo of Subject • GIS Map • Analysis • Current Property Record Card 2 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 Motion of the Board Accept Count 's Proposed Value: $456,600 No Change in Value Made the motion Shannon Julian Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against ... Property Identification: Property Owner 100 Regent Place LLC Appellant(if different) Morgan Fowler/Ryan LLC Property Address 105 Regent Place Parcel ID or Abstract 9890307738 Statement of Appeal: Request reduction in value based on income and expense analysis. Current Assessed Value $447,200 ounty Opinion $447,200 Time of Hearin 1:23PM Appellant Opinion $245,275 County Representative Jimmy Milliken Board Decision $447,200 Evidence submitted by the appellant: • See attached income and expense analysis. Evidence submitted by the county representative: • The subject property is located at 105 Regent Place in NBC 7490. The property is a residential duplex built in 1984 and contains 2,648 square feet of living area. • The documentation submitted by the appellant suggests valuing the subject property collectively with nine other properties as an apartment property and assigning a pro-rata value to each property based on the $2,450,500 total indication of value from the income approach. However, the ten properties are all single duplexes on individual lots and have the capacity to be bought and sold separately as individual parcels. For this reason, each parcel is valued independently based on their individual property characteristics. • County staff conducted an analysis of the subject property and comparable duplex sales. Based on the findings of this analysis,the County feels the current assessed value is well supported and recommends no change to the current assessed value. • Photo of Subject • GIS Map • Analysis • Current Property Record Card Motion of the Board Accept Count 's Proposed Value: $447,200 No Change in Value Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against 3 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 Property Identification: Property Owner 100 Regent Place LLC Appellant(if different) Morgan Fowler/Ryan LLC Property Address 106 Regent Place Parcel ID or Abstract 9890306819 Statement of Appeal: Request reduction in value based on income and expense analysis. Current Assessed Value $443,200 ounty Opinion $443,200 Time of Hearin 1:25PM Appellant Opinion $243,081 County Representative Jimmy Milliken Board Decision $443,200 Evidence submitted by the appellant: • See attached income and expense analysis. Evidence submitted by the county representative: • The subject property is located at 106 Regent Place in NBC 7490. The property is a residential duplex built in 1984 and contains 2,385 square feet of living area. • The documentation submitted by the appellant suggests valuing the subject property collectively with nine other properties as an apartment property and assigning a pro-rata value to each property based on the $2,450,500 total indication of value from the income approach. However, the ten properties are all single duplexes on individual lots and have the capacity to be bought and sold separately as individual parcels. For this reason, each parcel is valued independently based on their individual property characteristics. • County staff conducted an analysis of the subject property and comparable duplex sales. Based on the findings of this analysis,the County feels the current assessed value is well supported and recommends no change to the current assessed value. • Photo of Subject • GIS Map • Analysis • Current Property Record Card Motion of the Board Accept Count 's Proposed Value: $443,200 No Change in Value Made the motion Shannon Julian Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner 100 Regent Place LLC Appellant(if different) Morgan Fowler/Ryan LLC 4 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 Property Address 95 Weaver Dairy Road Parcel ID or Abstract 9890317249 Unit A Statement of Appeal: Request reduction in value based on income and expense analysis. Current Assessed Value $442,600 ounty Opinion $442,600 Time of Hearin 1:27PM Appellant Opinion $242,752 County Representative Jimmy Milliken Board Decision $442,600 Evidence submitted by the appellant: • See attached income and expense analysis. Evidence submitted by the county representative: • The subject property is located at 95 Weaver Dairy Road in NBC 7490. The property is a residential duplex built in 1982 and contains 2,204 square feet of living area. • The documentation submitted by the appellant suggests valuing the subject property collectively with nine other properties as an apartment property and assigning a pro-rata value to each property based on the $2,450,500 total indication of value from the income approach. However, the ten properties are all single duplexes on individual lots and have the capacity to be bought and sold separately as individual parcels. For this reason, each parcel is valued independently based on their individual property characteristics. • County staff conducted an analysis of the subject property and comparable duplex sales. Based on the findings of this analysis,the County feels the current assessed value is well supported and recommends no change to the current assessed value. • Photo of Subject • GIS Map • Analysis • Current Property Record Card Motion of the Board Accept Count 's Proposed Value: $442,600 No Change in Value Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against Property Identification: Property Owner 100 Regent Place LLC Appellant(if different) Morgan Fowler/Ryan LLC Property Address 87 Weaver Dairy Road Parcel ID or Abstract 9890317008 Statement of Appeal: Request reduction in value based on income and expense analysis. Current Assessed Value $435,700 ounty Opinion $435,700 Time of Hearin 1:28PM Appellant Opinion $238,967 County Representative Jimmy Milliken Board Decision $435,700 Evidence submitted by the appellant: 5 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 • See attached income and expense analysis. Evidence submitted by the county representative: • The subject property is located at 87 Weaver Dairy Road in NBC 7490. The property is a residential duplex built in 1983 and contains 2,208 square feet of living area. • The documentation submitted by the appellant suggests valuing the subject property collectively with nine other properties as an apartment property and assigning a pro-rata value to each property based on the $2,450,500 total indication of value from the income approach. However, the ten properties are all single duplexes on individual lots and have the capacity to be bought and sold separately as individual parcels. For this reason, each parcel is valued independently based on their individual property characteristics. • County staff conducted an analysis of the subject property and comparable duplex sales. Based on the findings of this analysis,the County feels the current assessed value is well supported and recommends no change to the current assessed value. • Photo of Subject • GIS Map • Analysis • Current Property Record Card Motion of the Board Accept Count 's Proposed Value: $435,700 No Change in Value Made the motion Shannon Julian Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner 100 Regent Place LLC Appellant(if different) Morgan Fowler/Ryan LLC Pro a Address 107 Regent Place Parcel ID or Abstract 9890306729 Statement of Appeal: Request reduction in value based on income and expense analysis. Current Assessed Value $432,000 ounty Opinion $432,000 Time of Hearin 1:30PM Appellant Opinion $236,938 County Representative Jimmy Milliken Board Decision $432,000 Evidence submitted by the appellant: • See attached income and expense analysis. Evidence submitted by the county representative: • The subject property is located at 107 Regent Place in NBC 7490. The property is a residential duplex built in 1984 and contains 2,208 square feet of living area. • The documentation submitted by the appellant suggests valuing the subject property collectively with nine other properties as an apartment property and assigning a pro-rata value to each property based on the $2,450,500 total indication of value from the income approach. However, the ten properties are all single duplexes on individual lots and have the capacity to 6 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 be bought and sold separately as individual parcels. For this reason, each parcel is valued independently based on their individual property characteristics. • County staff conducted an analysis of the subject property and comparable duplex sales. Based on the findings of this analysis,the County feels the current assessed value is well supported and recommends no change to the current assessed value. • Photo of Subject • GIS Map • Analysis • Current Property Record Card Motion of the Board Accept Count 's Proposed Value: $432,000 No Change in Value Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against ... Property Identification: Property Owner 100 Regent Place LLC Appellant(if different) Morgan Fowler/Ryan LLC Property Address 100 Regent Place Parcel ID or Abstract 9890307050 Statement of Appeal: Request reduction in value based on income and expense analysis. Current Assessed Value $404,000 County Opinion $404,000 Time of Hearin 1:31PM Appellant Opinion $221,581 County Representative Jimmy Milliken Board Decision $404,000 Evidence submitted by the appellant: • See attached income and expense analysis. Evidence submitted by the county representative: • The subject property is located at 100 Regent Place in NBC 7490. The property is a residential duplex built in 1983 and contains 2,176 square feet of living area. • The documentation submitted by the appellant suggests valuing the subject property collectively with nine other properties as an apartment property and assigning a pro-rata value to each property based on the $2,450,500 total indication of value from the income approach. However, the ten properties are all single duplexes on individual lots and have the capacity to be bought and sold separately as individual parcels. For this reason, each parcel is valued independently based on their individual property characteristics. • County staff conducted an analysis of the subject property and comparable duplex sales. Based on the findings of this analysis,the County feels the current assessed value is well supported and recommends no change to the current assessed value. • Photo of Subject • GIS Map • Analysis 7 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 • Current Property Record Card Motion of the Board Accept Count 's Proposed Value: $404,000 No Change in Value$ Made the motion Shannon Julian Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against ... Property Identification: Property Owner 100 Regent Place LLC Appellant(if different) Morgan Fowler/Ryan LLC PropertyAddress 101 Re ent Place Parcel ID or Abstract 9890308803 Statement of Appeal: Request reduction in value based on income and expense analysis. Current Assessed Value $394,000 ounty Opinion $394,000 Time of Hearin 1:32PM Appellant Opinion $216,096 County Representative Jimmy Milliken Board Decision $394,000 Evidence submitted by the appellant: • See attached income and expense analysis. Evidence submitted by the county representative: • The subject property is located at 101 Regent Place in NBC 7490. The property is a residential duplex built in 1983 and contains 2,176 square feet of living area. • The documentation submitted by the appellant suggests valuing the subject property collectively with nine other properties as an apartment property and assigning a pro-rata value to each property based on the $2,450,500 total indication of value from the income approach. However, the ten properties are all single duplexes on individual lots and have the capacity to be bought and sold separately as individual parcels. For this reason, each parcel is valued independently based on their individual property characteristics. • County staff conducted an analysis of the subject property and comparable duplex sales. Based on the findings of this analysis,the County feels the current assessed value is well supported and recommends no change to the current assessed value. • Photo of Subject • GIS Map • Analysis • Current Property Record Card Motion of the Board Accept Count 's Proposed Value: $394,000 No Change in Value Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members 8 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 Voted Against ... Property Identification: Property Owner 100 Regent Place LLC Appellant(if different) Morgan Fowler/Ryan LLC Property Address 75 Weaver Dairy Road Parcel ID or Abstract 9890308723 Statement of Appeal: Request reduction in value based on income and expense analysis. Current Assessed Value $541,900 County Opinion $541,900 Time of Hearin 1:33PM Appellant Opinion $297,215 County Representative Jimmy Milliken Board Decision $541,900 Evidence submitted by the appellant: • See attached income and expense analysis. Evidence submitted by the county representative: • The subject property is located at 75 Weaver Dairy Road in NBC 7490. The property is a residential duplex built in 1983 and contains 2,358 square feet of living area. • The documentation submitted by the appellant suggests valuing the subject property collectively with nine other properties as an apartment property and assigning a pro-rata value to each property based on the $2,450,500 total indication of value from the income approach. However, the ten properties are all single duplexes on individual lots and have the capacity to be bought and sold separately as individual parcels. For this reason, each parcel is valued independently based on their individual property characteristics. • County staff conducted an analysis of the subject property and comparable duplex sales. Based on the findings of this analysis,the County feels the current assessed value is well supported and recommends no change to the current assessed value. • Analysis • Current Property Record Card • GIS Map • Photo of Subject Motion of the Board Accept Count 's Proposed Value: $541,900 No Change in Value Made the motion Shannon Julian Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner 100 Regent Place LLC Appellant(if different) Morgan Fowler/Ryan LLC 9 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 Property Address 1 104 Regent Place Parcel ID or Abstract 9890306988 Statement of Appeal: Request reduction in value based on income and expense analysis. Current Assessed Value $470,700 ounty Opinion 1 $470,700 Time of Hearin 1:36PM Appellant Opinion $258,164 County Representative Jimmy Milliken Board Decision $470,700 Evidence submitted by the appellant: • See attached income and expense analysis. Evidence submitted by the county representative: • The subject property is located at 104 Regent Place in NBC 7490. The property is a residential duplex built in 1984 and contains 2,016 square feet of living area. • The documentation submitted by the appellant suggests valuing the subject property collectively with nine other properties as an apartment property and assigning a pro-rata value to each property based on the $2,450,500 total indication of value from the income approach. However, the ten properties are all single duplexes on individual lots and have the capacity to be bought and sold separately as individual parcels. For this reason, each parcel is valued independently based on their individual property characteristics. • County staff conducted an analysis of the subject property and comparable duplex sales. Based on the findings of this analysis,the County feels the current assessed value is well supported and recommends no change to the current assessed value. • Analysis • Current Property Record Card • GIS Map • Photo of Subject Motion of the Board Accept Count 's Proposed Value: $470,700 No Change in Value Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against Property Identification: Property Owner Chapel Hill 336 LLC Appellant(if different) Morgan Fowler/Ryan LLC PropertyAddress 101 Shadowood Drive Parcel ID or Abstract 9789365443 Statement of Appeal: Request reduction in value based on an income approach and actual income and expenses. Current Assessed Value $40,759,500 County Opinion $42,196,200 Time of Hearin 1:38PM Appellant Opinion $35,720,900 County Representative Roger Gunn Board Decision $42,196,200 10 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach and actual income and expenses. Evidence submitted by the county representative: • The subject property,known as Shadowood Apartments consists of a 336-unit apartment complex located at 101 Shadowood Drive in Chapel Hill. The property sold in late 2023 for $42,500,00 or$126,488 per unit. The current assessed value is $40,759,500 or$121,308 per unit,whereas the appellant is requesting a value of$106,312. Since the purchase, the owner has spent over$800,000 on units and capital items ($356,000 in non-recurring expenses)and has increased rental revenue with the December rent roll showing a 2.5%higher rental revenue than the overall year. As investments are made the owners and future potential buyers would expect for expenses to go down. • The appellant has provided income and expense information in the form of a profit and loss sheet for the year 2024. However,they have included non-recurring expenses, which appear to include renovations and have not given any credit to the work that the owners have done since purchasing the property. Removing taxes and non-recurring expenses leaves an approximate total expense of$2,000,000 for the 2024 year,which is roughly 40%of Effective Gross Income. This figure is still quite high but is more understandable given the age and condition of the subject. There has been a general trend post-coding of maintenance and turnover backlogs, with management spending at a higher rate than is typical to update units. As a result,this figure could drop closer to 35%or even 30%once current ownership completes their renovations, as well as turning over any holdover units from the Covid years, along with increasing rents commensurately(which depresses the expense ratio). The County has used a conservative 40%expense ratio. Based on current information,the current assessment is low and should probably be in line with the recent sale and the Income Approach at$42,440,000. • Based on this analysis, applying the County's Schedule of Values,the county recommends decreasing the land market adjustment from -20%to -10%which would result in a revised value of$42,196,200. • GIS Map of Subject • Current Property Record Card(16 pages) • Proposed Property Record Card(16 pages) • Comparable Sales and Income Approach Motion of the Board Accept Count 's Proposed Value: $42,196,200 Made the motion Shannon Julian Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner Shelton Station Appellant(if different) Morgan Fowler/Ryan Apartments LLC LLC 11 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 Property Address 430 North Greensboro Parcel ID or Abstract 9778970532 Street Statement of Appeal: Request reduction in value based on a proforma income approach. Current Assessed Value $19,309,800 ounty Opinion $19,309,800 Time of Hearin 1:53PM Appellant Opinion $18,435,000 County Representative Roger Gunn Board Decision $19,309,800 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on a proforma income approach. Evidence submitted by the county representative: • The subject is a 94-unit apartment complex in Carrboro known as Shelton Station Apartments that was constructed in 2018. • The agent uses high vacancy and capitalization rates in their pro forma to show a lower value despite this being a very well performing property. • The County has provided comparable sales and an income approach which would appear to indicate the subject is under-assessed, especially based on the income approach valuation. However,because the subject's current value of$205,423 per unit is between the lower and middle of the range of sales values per unit,no change in the current assessed value is recommended. • GIS Map of Subject • Current Property Record Card(4 pages) • Comparable Sales and Income Approach Motion of the Board Accept Count 's Proposed Value: 1 $19,309,800 No Change in Value Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against Property Identification: Property Owner KIWA LLC Appellant(if different) Debbie Askins/Ryan LLC Property Address 1105 NC 54 Parcel ID or Abstract 9778913957 Statement of Appeal: Request reduction in value based on the income approach. Current Assessed Value $14,946,700 ounty Opinion $14,946,700 Time of Hearin 3:OOPM Appellant Opinion $12,278,300 County Representative Roger Gunn Board Decision $14,946,700 Evidence submitted by the appellant: 12 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 • Based on 2022,2023, and 2024 financial documents, the indicated value from the income approach is $12,278,300. Evidence submitted by the county representative: • The subject parcel contains 132 units of the 288-unit apartment property known as Kingswood Apartments and was constructed in 1972. The remaining 156 units are located on a contiguous parcel, PIN 9778919619. • Like the agent,the County has valued the two parcels collectively in the income approach and distributed the overall value between the two properties. Kingswood follows the pattern of many apartments post-Covid. They have been"catching up"after having very little tenant movement and little opportunity to spend money/get work done. The agent uses a 9%vacancy and collection loss in their model,but the December rent roll shows a 3.5%loss. They are improving the property. The owner would expect rents to go up,vacancy to stay low and expenses to normalize. The County has used an operating expense percentage even higher on a per unit basis than the agent and the County assessment is still supported by both the income approach and comparable sales. • No change in value is recommended. • Location Map of Subject • Current Property Record Card(22 pages) • Comparable Sales and Income Approach Motion of the Board Accept Count 's Proposed Value: 1 $14,946,700 No Change in Value Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against Property Identification: Property Owner KIWA LLC Appellant(if different) Debbie Askins/Ryan LLC Property Address I 1105 NC 54 Parcel ID or Abstract 9778919619 Statement of Appeal: Request reduction in value based on the income approach. Current Assessed Value $17,918,800 ounty Opinion $17,918,800 Time of Hearin 3:05PM Appellant Opinion $14,719,800 County Representative Roger Gunn Board Decision $17,918,800 Evidence submitted by the appellant: • Based on 2022,2023, and 2024 financial documents, the indicated value from the income approach is $14,719,800. Evidence submitted by the county representative: 13 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 • The subject parcel contains 156 units of the 288-unit apartment property known as Kingswood Apartments and was constructed in 1972. The remaining 132 units are located on a contiguous parcel, PIN 9778913957. • Like the agent,the County has valued the two parcels collectively in the income approach and distributed the overall value between the two properties. Kingswood follows the pattern of many apartments post-Covid. They have been"catching up"after having very little tenant movement and little opportunity to spend money/get work done. The agent uses a 9%vacancy and collection loss in their model,but the December rent roll shows a 3.5%loss. They are improving the property. The owner would expect rents to go up,vacancy to stay low and expenses to normalize. The County has used an operating expense percentage even higher on a per unit basis than the agent and the County assessment is still supported by both the income approach and comparable sales. • No change in value is recommended. • Location Map of Subject • Current Property Record Card(28 pages) • Comparable Sales and Income Approach Motion of the Board Accept Count 's Proposed Value: 1 $17,918,800 No Change in Value Made the motion Shannon Julian Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against ... Consent Agenda: Motion of the Board Accept Proposed Consent Agenda?: Yes Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against Notes: See attached list. Chair of the Dd:Gsigned by: Leon Meyers 1/26/2026 Recording Secre Wcusigned by: Jennifer Rigsbee 1/26/2026 14 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 CONSENT AGENDA Orange County Board of Equalization and Review January 14, 2026 Parcel ID Owner Current Value Recommended Reason for change Date Name Value Signed 9870451078 Jeanie F $337,500 $216,300 Condition— Effective Year Built 1987 to 1952; Avg 12/3/2025 Stroud to Fair; Grade C+10 to C; Add Screen Porch; Land rate reviewed and lowered. 9778974894 Alyssa $308,300 $270,600 There is a storm water drainage easement along 12/23/2025 Miserendino the edge of a portion of the parcel: Recommending increasing the land adjustment from -23% to -30%, reducing the grade of the home from C+10 to C and reducing the effective year built from 1985 to 1975. 9788172961 Estelle C. $169,400 $44,000 Based on evidence provided, The County 12/27/2025 Ambrister Et recommends increasing the land adjustment from al (Hudson -23%to -80% as the parcel is unbuildable due to Vaughan) OWASA reinforced concrete pipes, easements, and setbacks. 9873258559 Lisa Fowler $162,900 $149,100 To be equitable, the County recommends applying 1/2/2026 an additional 20% Functional/Layout depreciation for being a smaller unit as the other 576 square foot units have. 9873255560 Pamela $187,100 $187,100 The value was reduced during the BOER ordered 1/2/2026 DeFoe review of Habitat for Humanity homes. No further change is recommended. 15 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 Michael E. $195,200 156,700 After exterior and interior inspection, the County 1/6/2026 9789014199.002 Collins recommends reducing the Effective Year Built from 1992 to 1977 and changing the condition to fair. These changes result in a revised assessment of $156,700 for the subject property. 9874386049 Steven Wall $451,300 $346,400 The County recommends increasing the land 1/7/2026 adjustment from -35% to -55%, applying additional -20% Physical Depreciation to the improvement, and reducing the bathroom count from 2 full bathrooms to 1.5 bathrooms. 1 Rhodes $116,400 103,500 The County recommends reducing the effective 1/9/2026 9778561748.035 Bernholtz year built Partnership from 1985 to 1970 to bring the assessment in line with three other identical units in this project owned by the appellant. This adjustment also more accurately reflects the unit's condition. 9841380444 David F. $475,100 $450,400 Recommend changing the land's -25%floodplain 12/31/2026 Holmes Jr. adjustment to -35%floodplain/topography adjustment to account for the stream and designated floodplain. This change would result in a revised value of$450,400. 9874177189 Eryn $1,828,500 $1,731,900 Based on the property review and supporting 1/12/2026 Cooper- documentation, the County recommends reducing Harris the quality grade from A+35 to A+25 and revising the livable square footage to 5,211 square feet. 9866349624 Vickie Jacobs $114,400 $80,700 Staff recommends reducing the effective year from 1/12/2026 1975 to 1965 and adding 25% physical depreciation to the dwelling. 16 Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 9864469485 Charles Ray $208,400 $174,000 After speaking with the appellant and gathering 1/12/2026 Bailey more information, the County recommends reducing the effective year built to 1955, changing the condition to fair and adding 15% physical depreciation. 9864898683 Horace H. $277,100 $163,400 After exterior and interior inspection, and after 1/14/2026 Johnson reviewing the appellant's supporting Sr. documentation, the County recommends applying a -25% adjustment to the land. Staff also recommends applying 40% physical depreciation to the dwelling. 17