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HomeMy WebLinkAbout2026_01_21 BOER Minutes Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF Meeting held on January 21, 2026 Board Members in attendance: Chair of the Board Leon Meyers No 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 Chair of the Board Barbara Levine Yes Orange County Staff in attendance: Real Property Appraisal Manager Roger Gunn Deputy Tax Assessor Chad Phillips Temporary Appraiser Assistant Rob Teachout Appraiser Dana Hall Meeting Schedule: No. Time Appellant PIN or Abstract Appeared Appeal Type 1 9:02AM PS NC III LP 9778839403 Yes Value-Real 2 9:21AM Stor Mebnc Mod LLC 9824373605 Yes Value-Real 3 9:47AM BRI 1013 Oakwood Street Ext 9824480329 Yes Value-Real LLC 4 9:53AM Buckhorn Industrial II LLC 9834175146 Yes Value-Real 5 9:53AM Buckhorn Industrial II LLC 9834262184 Yes Value-Real 6 10:05AM Ralcar Corp 9870883323 Yes Value-Real 7 10:12AM Buckhorn Industrial Park LLC 9834438214 Yes Value-Real 8 10:28AM Carraway Storage LP 9870982909 Yes Value-Real 9 10:42AM MRE Propco LP 9834851936 Yes Value-Real 10 10:57AM Glen Lennox 913 LLC 9798255947 Yes Value-Real 11 10:57AM Glen Lennox Phase Two Land 9798258721 Yes Value-Real LLC 12 10:57AM Glen Lennox Legacy 9798269809 Yes Value-Real Apartments North II LLC 13 10:57AM Glen Lennox Legacy 9798382178 Yes Value-Real Apartments North II LLC 14 10:57AM Glen Lennox Apartments LLC 9798274260 Yes Value-Real 15 10:57AM Glen Lennox Phase Two Land 9798351887 Yes Value-Real LLC 16 10:57AM Glen Lennox Apartments LLC 9798362531 Yes Value-Real 17 11:37AM Henry Louis Acha III 9890378439 Yes Value-Real 1 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF Time B Meeting called to order 9:02 AM Barbara Levine Meeting adjourned 11:57 AM Richal Vanhook Property Identification: Property Owner PS NC III LP Appellant(if different) Morgan Fowler/Ryan LLC Property Address 1515 South Greensboro Parcel ID or Abstract 9778839403 Street Statement of Appeal: Request reduction in value based on actual income and market proforma. Current Assessed Value $14,465,700 ounty Opinion $14,465,700 Time of Hearin 9:02 AM Appellant Opinion $12,500,000 County Representative Roger Gunn Board Decision $14,465,700 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on actual income and market proforma. Evidence submitted by the county representative: • Based on the attached detailed Commercial Appraiser Consultant's Analysis,the current value of the subject is well supported by comparable sales and the income approach and no adjustment in value can be supported. As a result,the County is recommending no change to the current assessed value. • GIS Map of Subject • Current Property Record Card(20 pages) • Comparable Sales and Income Approach • Commercial Appraiser Consultant's Analysis Motion of the Board Accept Count 's Proposed Value: $14,465,700 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 Stor Mebnc Mod LLC Appellant(if different) Morgan Fowler/Ryan LLC Property Address 4550 Arrowhead Parcel ID or Abstract 9824373605 Boulevard 2 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF Statement of Appeal: Request reduction in value based on actual income and market proforma. Current Assessed Value $8,645,700 County Opinion $8,645,700 Time of Hearin 9:21 AM Appellant Opinion $5,981,400 County Representative Roger Gunn Board Decision $8,645,700 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on actual income and market proforma. Evidence submitted by the county representative: • Based on the attached detailed Commercial Appraiser Consultant's Analysis,the current value of the subject is well supported by comparable sales and the income approach and no adjustment in value can be supported. As a result,the County is recommending no change to the current assessed value. • GIS Map of Subject • Current Property Record Card(2 pages) • Comparable Sales and Income Approach • Commercial Appraiser Consultant's Analysis Motion of the Board Accept County's Proposed Value: $8,645,700 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 BRI 1013 Oakwood Street Appellant(if different) Morgan Fowler/Ryan Ext LLC LLC Property Address 1 1013 Oakwood Street Parcel ID or Abstract 9824480329 • Statement of Appeal: Request reduction in value based on a market proforma and the April 2022 sales price of$4,950,000. Current Assessed Value $5,428,500 ounty Opinion $5,265,700 Time of Hearin 9:47 AM Appellant Opinion $5,000,000 County Representative Roger Gunn Board Decision $5,265,700 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on a market proforma and the April 2022 sales price of$4,950,000. 3 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF Evidence submitted by the county representative: • The subject is a good quality 87,730 square feet warehouse with office located in Mebane. It is assessed at approximately$62 per square foot and the appellant is requesting a value of approximately$57 per square foot. There is a previous $4,950,000 sale to consider from 2022,but there were leases in place, and it appears the leases had been in place awhile and it's hard to know whether they were at market rates. It is worth noting that the site size is small, and although the building is competitive,the access to the building is not ideal and wouldn't suit all users. • After giving the access/parking/truck access some consideration along with the previous sale,a value of$5,275,000 or approximately $60 per square foot is supported from the County's comparable sales and income approach. In application of the County's schedule of values,the County recommends applying an E03 economic modifier to the property which would reduce the current valuation of the subject to$5,265,700. • GIS Map of Subject • Current Property Record Card(4 pages) • Proposed Property Record Card(4 pages) • Comparable Sales and Income Approach Motion of the Board Accept County's Proposed Value: $5,265,700 Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against Property Identification: Property Owner Buckhorn Industrial II Appellant(if different) Morgan Fowler/Ryan LLC I LLC Property Address 6370 Buckhorn Parcel ID or Abstract 9834175146 Industrial Parkway Statement of Appeal: Request reduction in value based on a market proforma and equity comparables. Current Assessed Value $31,419,200 ounty Opinion $31,419,200 Time of Hearin 9:53 AM Appellant Opinion $28,352,000 County Representative Roger Gunn Board Decision $31,419,200 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on a market proforma and equity comparables. The appellant has valued this property collectively with PIN 9834262184 as one economic unit with a combined requested value of$46,394,000 and$28,352,000 attributable to the subject parcel. Evidence submitted by the county representative: 4 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF • The subject property is a 330,000 square feet warehouse constructed in 1923 and assessed at $31,429,200 or$95.24 per square foot. • Like the appellant,the County has considered the value of this parcel collectively with PIN 9834262184. Based on the attached Commercial Appraiser Consultant's Analysis,the current value of the subject is well supported by comparable sales and the income approach and no adjustment in value can be supported. As a result,the County is recommending no change to the current assessed value. • GIS Map of Subject • Current Property Record Card(2 pages) • Comparable Sales and Income Approach • Commercial Appraiser Consultant's Analysis Motion of the Board Accept County's Proposed Value: P31,419,200 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 Buckhom Industrial II Appellant(if different) Morgan Fowler/Ryan LLC LLC Property Address 6365 Buckhorn Industrial Parcel ID or Abstract 9834262184 Parkway Statement of Appeal: Request reduction in value based on a market proforma and equity comparables. Current Assessed Value $20,038,300 ounty Opinion $20,038,300 Time of Hearin 9:53 AM Appellant Opinion $18,042,000 County Representative Roger Gunn Board Decision $20,038,300 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on a market proforma and equity comparables. The appellant has valued this property collectively with PIN 9834175146 as one economic unit with a combined requested value of$46,394,000 and$18,042,000 attributable to the subject parcel. Evidence submitted by the county representative: • The subject property is a 210,000 square feet warehouse constructed in 1923 and assessed at $20,038,300 or$95.42 per square foot. • Like the appellant,the County has considered the value of this parcel collectively with PIN 9834175146. Based on the attached Commercial Appraiser Consultant's Analysis,the current value of the subject is well supported by comparable sales and the income approach and no 5 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF adjustment in value can be supported. As a result,the County is recommending no change to the current assessed value. • GIS Map of Subject • Current Property Record Card(2 pages) • Comparable Sales and Income Approach • Commercial Appraiser Consultant's Analysis Motion of the Board Accept Count 's Proposed Value: $20,038,300 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 Ralcar Corp Appellant(if different) Morgan Fowler/Ryan LLC Property Address 7411 Rex Road Parcel ID or Abstract 9870883323 Statement of Appeal: Request reduction in value based on a market proforma and equity comparables. Current Assessed Value $1,967,400 ounty Opinion $2,399,300 Time of Hearin 10:05 AM Appellant Opinion $1,100,000 County Representative Roger Gunn Board Decision $2,399,300 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on a market proforma and equity comparables. Evidence submitted by the county representative: • The subject property is a 17,388 square feet warehouse constructed in 1988 and assessed at $1,967,400 or$113.15 per square foot. • Based on the attached Commercial Appraiser Consultant's Analysis,the current value of the subject is undervalued based on the County's comparable sales and the income approach which support a value of$2,500,000 for the subject. • As a result of this analysis,the County recommends removing the E 18 economic modifier on the property which would result in a revised value of$2,399,300. • Photographs of Subject(4 pages) • GIS Map of Subject • Current Property Record Card(2 pages) • Proposed Property Record Card(2 pages) • Comparable Sales and Income Approach • Commercial Appraiser Consultant's Analysis 6 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF Motion of the Board Accept County's Proposed Value: $2,399,300 Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against Property Identification: Property Owner Buckhorn Industrial Park Appellant(if different) Morgan Fowler/Ryan LLC LLC Property Address 6056 West Ten Rd Parcel ID or Abstract 9834438214 Statement of Appeal: Request reduction in value based on 2022 and 2023 income and expense statements. Current Assessed Value $19,524,900 County Opinion $19,524,900 Time of Hearin 10:12 AM Appellant Opinion $17,655,000 County Representative Roger Gunn Board Decision $19,524,900 Evidence submitted by the appellant: • The appellant is requesting a reduction in value based on 2022 and 2023 income and expense statements. Evidence submitted by the county representative: • The subject is a$205,500 square feet warehouse built in 2022 and has a current assessed value of$19,524,900 or$95.01 per square foot. This is a high-quality industrial building that was delivered in 2024 in Mebane,NC. It is worth noting that it is located next to the sale of the Thermo Fisher Building that sold for almost$100 per square foot in 2022. This sale is not included in the Comparable Sales and Income Approach sheet due to age of the sale,but it is certainly worth consideration. It is provided for additional support. • CoStar indicates the asking lease rate at this building is$7.50 per square foot on a triple net (NNN) lease. These properties are almost always leased to national level credit tenants and capitalization rates are low,usually in the 5%to 6%range. • The County has provided comparable sales of similar properties and an income approach that supports the current assessed value. As a result, no change in value is recommended. • GIS Map of Subject • Current Property Record Card(2 pages) • Comparable Sales and Income Approach • 6086 West Ten Road(Thermo Fisher) Sale Motion of the Board Accept County's Proposed Value: $19,524,900 No change in value Made the motion Richal Vanhook 7 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF Seconded the motion Shannon Julian Voted For All BOER Members Voted Against Property Identification: Property Owner Carraway Storage LP Appellant(if different) Morgan Fowler/Ryan LLC Property Address 500 M rica Street Parcel ID or Abstract 9870982909 Statement of Appeal: Request reduction in value based on actual income, a market proforma, and actual costs. Current Assessed Value $18,835,100 ounty Opinion $16,435,600 Time of Hearin 10:28 AM Appellant Opinion $11,838,779 County Representative Roger Gunn Board Decision $16,435,600 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on actual income, a market proforma, and actual costs. Evidence submitted by the county representative: • The subject is a 125.898 square feet mini-storage warehouse building built in 2022 and having an assessed value of$18,835,100 or$149.61 per square foot. • Based on the attached detailed Commercial Appraiser Consultant's Analysis,the current value of the subject is overvalued by the County's income approach which indicates a value of $16,455,723 for the subject property. Applying the County's schedule of values,the County recommends reducing the land market adjustment from-25%to-20%and changing the E01 economic modifier on the property to E 14. These recommended changes would result in a revised value of$16,435,600 for the subject property. • 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(3 pages) Motion of the Board Accept County's Proposed Value: $16,435,600 Made the motion Shannon Julian Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: 8 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF Property Owner MIZE Propco LP Appellant(if different) Morgan Fowler/Ryan LLC Property Address 5511 West Ten Road Parcel ID or Abstract 9834851936 Statement of Appeal: Request reduction in value based on a market proforma and equity comparables. Current Assessed Value $113,958,600 ounty Opinion $113,958,600 Time of Hearin 10:42 AM Appellant Opinion $107,000,000 County Representative Roger Gunn Board Decision $113,958,600 Evidence submitted by the appellant: • The appellant is requesting a reduction in value based on a market proforma and equity comparables. Evidence submitted by the county representative: • The subject is a 1,199,250 square feet warehouse built in 2020 and has a current assessed value of$113,958,600 or$95.02 per square foot. Based on the attached Commercial Appraiser Consultant's Analysis,the current value is well supported by comparable sales and the Income Approach. For this reason,no change in value can be supported. • GIS Map of Subject • Current Property Record Card(2 pages) • Comparable Sales and Income Approach • Commercial Appraiser Consultant's Analysis • 6086 West Ten Road(Thermo Fisher) Sale Motion of the Board Accept Count 's Proposed Value: 1 $113,958,600 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 Glen Lennox 9B LLC Appellant(if different) Morgan Fowler/Ryan LLC Property Address 5 Maxwell Road Parcel ID or Abstract 9798255947 Statement of Appeal: Request reduction in value based on an income approach and market proforma on an existing apartment complex and based on equity with comparable apartment properties. Current Assessed Value $4,035,400 ounty Opinion $4,035,400 Time of Hearin 10:57 AM Appellant Opinion $2,034,300 County Representative Roger Gunn Board Decision $4,035,400 9 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach and market proforma on an existing apartment complex and based on equity with comparable apartment properties. The agent has valued this property collectively with 6 other parcels and assigned a pro-rata valuation to each parcel based on an overall valuation of the 7 parcels of$21,343,600. Evidence submitted by the county representative: • The subject is a 1.93-acre vacant parcel that was formerly part of the Glen Lennox Apartments and has been approved for redevelopment. Please see the attached Commercial Appraiser Consultant's Analysis Regarding the Glen Lennox Apartments Redevelopment. • Based on the County's analysis,no change in value is supported. • GIS Map of Subject • Current Property Record Card(2 pages) • Appraiser Consultant's Analysis Regarding Glen Lennox Apartments Redevelopment Motion of the Board Accept Count 's Proposed Value: 1 $4,035,400 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 Glen Lennox Phase Two Appellant(if different) Morgan Fowler/Ryan Land LLC LLC Property Address 1 Maxwell Road Parcel ID or Abstract 9798258721 Statement of Appeal: Request reduction in value based on an income approach and market proforma on an existing apartment complex and based on equity with comparable apartment properties. Current Assessed Value $1,550,000 ounty Opinion $1,550,000 Time of Hearin 10:57 AM Appellant Opinion $781,400 County Representative Roger Gunn Board Decision $1,550,000 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach and market proforma on an existing apartment complex and based on equity with comparable apartment properties. The agent has valued this property collectively with 6 other parcels and assigned a pro-rata valuation to each parcel based on an overall valuation of the 7 parcels of$21,343,600. Evidence submitted by the county representative: • The subject is a 1.53-acre parcel that is improved with 2 apartment buildings as part of the existing Glen Lennox Apartments that has been approved for redevelopment. Please see the attached Commercial Appraiser Consultant's Analysis Regarding the Glen Lennox Apartments Redevelopment. 10 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF • Based on the County's analysis,no change in value is supported. • GIS Map of Subject • Current Property Record Card(4 pages) • Appraiser Consultant's Analysis Regarding Glen Lennox Apartments Redevelopment Motion of the Board Accept County's Proposed Value: $1,550,000 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 Glen Lennox Legacy Appellant (if different) Morgan Fowler/Ryan Apartments North 11 LLC LLC Property Address 100 Maxwell Road Parcel ID or Abstract 9798269809 Statement of Appeal: Request reduction in value based on an income approach and market proforma on an existing apartment complex and based on equity with comparable apartment properties. Current Assessed Value $4,965,000 ounty Opinion $4,965,000 Time of Hearin 10:57 AM Appellant Opinion $2,503,000 County Representative Roger Gunn Board Decision $4,965,000 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach and market proforma on an existing apartment complex and based on equity with comparable apartment properties. The agent has valued this property collectively with 6 other parcels and assigned a pro-rata valuation to each parcel based on an overall valuation of the 7 parcels of$21,343,600. Evidence submitted by the county representative: • The subject is a 4.24-acre parcel that is improved with 7 apartment buildings as part of the existing Glen Lennox Apartments that has been approved for redevelopment. Please see the attached Commercial Appraiser Consultant's Analysis Regarding the Glen Lennox Apartments Redevelopment. • Based on the County's analysis,no change in value is supported. • GIS Map of Subject • Current Property Record Card(14 pages) • Appraiser Consultant's Analysis Regarding Glen Lennox Apartments Redevelopment Motion of the Board Accept County's Proposed Value: $4,965,000 No change in value Made the motion Shannon Julian 11 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner Glen Lennox Legacy Appellant(if different) Morgan Fowler/Ryan Apartments North II LLC LLC Property Address 101 Maxwell Road Parcel ID or Abstract 9798382178 Statement of Appeal: Request reduction in value based on an income approach and market proforma on an existing apartment complex and based on equity with comparable apartment properties. Current Assessed Value $23,648,100 ounty Opinion $23,648,100 Time of Hearin 10:57 AM Appellant Opinion $11,921,600 County Representative Roger Gunn Board Decision $23,648,100 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach and market proforma on an existing apartment complex and based on equity with comparable apartment properties. The agent has valued this property collectively with 6 other parcels and assigned a pro-rata valuation to each parcel based on an overall valuation of the 7 parcels of$21,343,600. Evidence submitted by the county representative: • The subject is a 30.27-acre parcel that is improved with 37 apartment buildings as part of the existing Glen Lennox Apartments that has been approved for redevelopment. Please see the attached Commercial Appraiser Consultant's Analysis Regarding the Glen Lennox Apartments Redevelopment. • Based on the County's analysis,no change in value is supported. • GIS Map of Subject • Current Property Record Card(74 pages) • Appraiser Consultant's Analysis Regarding Glen Lennox Apartments Redevelopment Motion of the Board Accept Count 's Proposed Value: 1 $23,648,100 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 Glen Lennox Apartments Appellant(if different) Morgan Fowler/Ryan LLC LLC Property Address 1 109 Maxwell Road Parcel ID or Abstract 9798274260 12 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF Statement of Appeal: Request reduction in value based on an income approach and market proforma on an existing apartment complex and based on equity with comparable apartment properties. Current Assessed Value $595,400 ounty Opinion $595,400 Time of Hearin 10:57 AM Appellant Opinion $300,200 County Representative Roger Gunn Board Decision $595,400 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach and market proforma on an existing apartment complex and based on equity with comparable apartment properties. The agent has valued this property collectively with 6 other parcels and assigned a pro-rata valuation to each parcel based on an overall valuation of the 7 parcels of$21,343,600. Evidence submitted by the county representative: • The subject is a.68-acre vacant parcel that was formerly part of the Glen Lennox Apartments and has been approved for redevelopment. Please see the attached Commercial Appraiser Consultant's Analysis Regarding the Glen Lennox Apartments Redevelopment. • Based on the County's analysis,no change in value is supported. • GIS Map of Subject • Current Property Record Card(2 pages) • Appraiser Consultant's Analysis Regarding Glen Lennox Apartments Redevelopment Motion of the Board Accept Count 's Proposed Value: 1 $595,400 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 Glen Lennox Phase Two Appellant(if different) Morgan Fowler/Ryan Land LLC LLC Property Address I 1 Audley Lane Parcel ID or Abstract 9798351887 Statement of Appeal: Request reduction in value based on an income approach and market proforma on an existing apartment complex and based on equity with comparable apartment properties. Current Assessed Value $6,530,000 ounty Opinion $6,530,000 Time of Hearin 10:57 AM Appellant Opinion $3,291,900 County Representative Roger Gunn Board Decision $6,530,000 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach and market proforma on an existing apartment complex and based on equity with comparable apartment 13 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF properties. The agent has valued this property collectively with 6 other parcels and assigned a pro-rata valuation to each parcel based on an overall valuation of the 7 parcels of$21,343,600. Evidence submitted by the county representative: • The subject is a 6.43-acre parcel that is improved with 9 apartment buildings as part of the existing Glen Lennox Apartments that has been approved for redevelopment. Please see the attached Commercial Appraiser Consultant's Analysis Regarding the Glen Lennox Apartments Redevelopment. • Based on the County's analysis,no change in value is supported. • GIS Map of Subject • Current Property Record Card(18 pages) • Appraiser Consultant's Analysis Regarding Glen Lennox Apartments Redevelopment Motion of the Board Accept County's Proposed Value: 1 $6,530,000 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 Glen Lennox Apartments Appellant(if different) LLC Property Address I 1 Berkley Road Parcel ID or Abstract 9798362531 Statement of Appeal: Request reduction in value based on an income approach and market proforma on an existing apartment complex and based on equity with comparable apartment properties. Current Assessed Value $1,014,100 ounty Opinion $1,014,100 Time of Hearin 10:57 AM Appellant Opinion $511,200 County Representative Roger Gunn Board Decision $1,014,100 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach and market proforma on an existing apartment complex and based on equity with comparable apartment properties. The agent has valued this property collectively with 6 other parcels and assigned a pro-rata valuation to each parcel based on an overall valuation of the 7 parcels of$21,343,600. Evidence submitted by the county representative: • The subject is a.85-acre parcel that is improved with an apartment building as part of the existing Glen Lennox Apartments that has been approved for redevelopment. Please see the attached Commercial Appraiser Consultant's Analysis Regarding the Glen Lennox Apartments Redevelopment. • Based on the County's analysis,no change in value is supported. • GIS Map of Subject • Current Property Record Card(2 pages) • Appraiser Consultant's Analysis Regarding Glen Lennox Apartments Redevelopment 14 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF Motion of the Board Accept Count 's Proposed Value: $1,014,100 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 Henry Louis Jicha III Appellant(if different) Property Address 4800 Oak Hill Road Parcel ID or Abstract 19890378439 Statement of Appeal: Request reduction in value based on detailed realty valuation of property. Current Assessed Value $888,200 ounty Opinion $862,300 Time of Hearin 11:37 AM Appellant Opinion $725,000 County Representative Dana Hall Board Decision $793,900 Evidence submitted by the appellant: • Request reduction in value based on detailed realty valuation of property. Evidence submitted by the county representative: • The subject property is located at 4800 Oak Hill Drive in Chapel Hill. On January 6,2026, a County appraiser conducted a field visit to the property to review the lot and dwelling conditions referenced in the formal appeal. Based on observations from the site visit, a reduction in the effective year built to match the actual year built of the home is recommended. This conclusion is consistent with the opinion of Tanner Valuation Group, which reviewed the subject property and surrounding neighborhood approximately two months ago. • An informal appeal was previously processed in July 2025,resulting in a reduction in the home's grade, a change in condition to Fair, and the addition of a negative land influence of —10%due to topography issues affecting the lot. Considering these prior adjustments and the supporting second opinion from Tanner Valuation Group,the County recommends revising the effective year built to 1970,which reflects the home's actual year of construction. • This adjustment results in a reduction in assessed value of$25,900, for a total county recommendation of$862,300. • Photo of Subject • GIS Map • Current Property Record Card • Proposed Property Record Card Motion of the Board Value Changed as Follows: $793,900(total-20%topography adjustment Made the motion Barbara Levine 15 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF 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 Consent Agenda attached below. Chair of the Bor6* DocuSigned by: Barbara Levine --- 2/5/2026 Recording Sec by: Rob Teachout rZ;x 2/5/2026 16 Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF CONSENT AGENDA Orange County Board of Equalization and Review January 21, 2026 Parcel ID Owner Current Value Recommended Reason for change Date Name Value Signed 9880409439 Jie Zhou $521,400 $477,200 Adjusted the land -10%for easement in the rear of the property and 01/14/26 lowered the effective year built from 1995 to the actual year built 1987 due to no substantial renovations. 9870633930 Carl $242,900 $183,900 Based on these conditions, the dwelling's condition was adjusted from 01/16/26 Lee Purefoy average to poor, and an additional 30% physical depreciation was c/o Teresa applied.The storage building located at the rear of the property has Gray partially collapsed;therefore, its contributory value was reduced from $200 to$0. 9870631586 Carl Lee $394,100 $371,600 Based on the dwelling's condition,from Average to Fair, applying an 01/16/26 Purefoy c/o additional 10% physical depreciation, and correcting the effective year Teresa Gray built from 1970 to the actual year built of 1969. 9799783004.001 Meei Chou $271,200 $237,600 Staff recommends applying a construction modifier of 0.97%. 01/20/26 17 Docusign Envelope ID:79E62A5D-CE8F-4443-A1 14-1 OC75F9BOB71 MINUTES Orange County Board of Equalization and Review Meeting held on January 21, 2026 Board Members in attendance: Chair of the Board Leon Meyers No 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 Chair of the Board Barbara Levine Yes Orange County Staff in attendance: Deputy Tax Assessor Chad Phillips Real Property Appraisal Manager Roger Gunn Chief Appraiser Kelly Wells Temporary Appraiser Assistant Rob Teachout Appraiser C le Anderson Meeting Schedule: No. Time Appellant PIN or Abstract Appeared Appeal Type 1 1:OOPM Michael P.Yocluelet 9864791366 No Value-Real 2 1:20PM Grace Beeler 9864546716 No Value-Real 3 1:52PM Terry Darlene McPherson Et Al 9864573567 No Value-Real 4 2:30PM Netherlan T. Davis Et Al 9829843732 No Value-Real 5 2:42PM Andre R. Caldwell Et Al 9788280621 Yes Value-Real 6 2:44PM Clarence E. Farrar Trustee 9788063993 Yes Value-Real 7 2:54PM Odessa Wilson 9788078622 Yes Value-Real 8 2:56PM Thomas L. Merritt 9788185989 Yes Value-Real Time B Meeting called to order 1:05 PM Barbara Levine Meeting adjourned 3:33 PM Richal Vanhook Motion Time By Second To move into recess 1:56 PM Barbara Levine Shannon Julian To return to order 2:35 PM Barbara Levine Shannon Julian 1 Docusign Envelope ID:79E62A5D-CE8F-4443-A1 14-1 OC75F9BOB71 Property Identification: Property Owner Michael P. Yoquelet =AppeRant(if different) Property Address 1540 North Nash Street I Parcel ID or Abstract 19864791366 Statement of Appeal: Request reduction in value based on comparables and incorrect data. Current Assessed Value $643,300 ounty Opinion $643,300 Time of Hearin 1:05 PM Appellant Opinion $620,000 County Representative C le Anderson Board Decision $633,000 Evidence submitted by the appellant: • The appellant states: "The size of the house was measured by a licensed real estate professional and comes in as a 1925 sf(35x55 rectangle)house with a 400-sf basement. Property sales data for houses in my area with a .3-acre lot, 1925 sf and no garage would likely not sell for over$610,000. A clear comparison of valuation to our house is the house next door to us at 538 N Nash St. This house has 3,000 sf(1,000 sf MORE than ours). It has a larger lot, a fully finished 2-car garage(we have no garage), and it was built by the same builder as ours and was built in 2022 (3 years newer than our house.)Please note that our house does not have a carport or any outbuildings. Therefore,because of the square footage mistake and the clear disparity in valuation compared to our best comparative valuation(538 N Nash)we are requesting a reconsideration of our valuation.Note: The sketch of the house shows 35 sf wide and 55 sf long. If you add in the 400-sf basement you get 2325 sf. The GIS sketch and the listing for the house showed 2538. It appears that someone may have inverted the numbers,meaning to write 2358 and instead it came out as 2528?Again,the total sf on your website is 2528. Please view the property sketch. That shows dimensions of 55 and 35, or 1925 sf. In any event,using 2538 is meaningfully over the size of the house. Thank you for your consideration." Evidence submitted by the county representative: • The subject property is a 0.29-acre tract improved with a 2,528 square foot single-family dwelling located at 540 N.Nash Street in Hillsborough. The appellant states that the basement square footage is overstated based on a sketch reportedly completed by a licensed realtor; however, no sketch was submitted with this appeal. The appellant also provided an equity comparable located at 538 N. Nash Street. • County staff reviewed the appellant's equity comparable and determined that its lower value per square foot($157.30) is attributable to its significantly lower grade (B-10). Additionally, the comparable is a much larger multi-story dwelling with a basement,whereas the subject property is a one-story home with a basement. • Staff also reviewed a sales analysis of recently sold comparable properties within the subject's neighborhood. This analysis, which includes the 2024 sale of the subject property,indicates that the subject's price per square foot is consistent with recent market activity. Therefore, staff recommends no change to the current assessment of$643,300. • Photo of Subject • GIS Map • Photo of Subject Sale • Current Property Record Card • Sales Analysis 2 Docusign Envelope ID:79E62A5D-CE8F-4443-A1 14-1 OC75F9BOB71 Motion of the Board Value Changed as Follows: $633,000(square footage correction Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against ... Property Identification: Property Owner Grace Beeler Appellant(if different) Property Address 711 Eno Street I Parcel ID or Abstract 19864546716 Statement of Appeal: Request reduction in value based on condition and appraisal. Current Assessed Value $304,200 ounty Opinion $208,900 Time of Hearin 1:20 PM Appellant Opinion $210,000 County Representative C le Anderson Board Decision $208,900 Evidence submitted by the appellant: • The appellant states: "The house is in very poor condition inside. Most of it has been gutted down to the studs. There have been many years of deferred maintenance. There are holes in the structure which let the rats and squirrels in." • An appraisal with an effective date of December 4, 2025 and an opinion of value of$210,000 was submitted as supporting evidence. Evidence submitted by the county representative: • The subject property is a 0.46-acre lot improved with a 1,474 square foot single-family dwelling located at 711 Eno Street in Hillsborough. The appellant submitted an appraisal with an effective date of December 4, 2025, and an opinion of value of$210,000 as supporting evidence. Although the appraisal's effective date is December 4, 2025, all the appraiser's comparable sales were from 2024. • The appraisal also included numerous photographs,which indicate that the subject property exhibits significant deferred maintenance and physical damage. These conditions adversely impact the marketability of the subject property. Accordingly,County staff recommends the following changes: •Reduce the grade from C to C-10 •Reduce the effective year built from 1965 to 1922 •Apply 50%physical depreciation • These proposed changes result in a revised assessment of$208,900, which brings the assessment in line with the appraisal's opinion of value. • GIS Map • Appraiser's comments on the dwelling's condition • Current Property Record Card • Proposed Property Record Card 3 Docusign Envelope ID:79E62A5D-CE8F-4443-A1 14-1 OC75F9BOB71 Motion of the Board Accept County's Proposed Value: $208,900 Made the motion Barbara Levine Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner Terry Darlene McPherson Appellant(if different) Et Al Property Address 303 North Nash Street Parcel ID or Abstract 9864573567 Statement of Appeal: Request reduction in value based on uninhabitable manufactured home. Current Assessed Value $407,900 ounty Opinion $345,000 Time of Hearin 1:52PM Appellant Opinion $345,000 County Representative Cyle Anderson Board Decision $345,000 Evidence submitted by the appellant: • The appellant states: "I spoke with Louise Benson-Lochner from Orange County Tax Office who recently visited the property and deemed that the manufactured home on the property is uninhabitable. This evaluation has lowered its value from$65,600 to$2700(98%depreciation)for 2026." Evidence submitted by the county representative: • The subject property is a 1.16-acre tract improved with one single-family dwelling(card one) and one manufactured home(card two), located at 303 N.Nash Street in Hillsborough. The appellant noted that an Orange County appraiser recently inspected the property and determined that the manufactured home on card two was unlivable. • After review and discussion with the appraiser,it was confirmed that substantially similar conditions existed as of January 1, 2025,with respect to the manufactured home on card two. Accordingly, County staff recommends applying the same condition adjustments for the 2025 tax year by changing the condition from Average to Poor and applying 95%physical depreciation. • These proposed changes result in a revised value of$2,700 for the manufactured home and a reduction in the overall assessed value to$345,000. • Photo of Subject • GIS Map • Current Property Record Card • Proposed Property Record Card Motion of the Board Acce t Count 's Proposed Value: $345,000 Made the motion Richal Vanhook Seconded the motion Shannon Julian 4 Docusign Envelope ID:79E62A5D-CE8F-4443-A1 14-1 OC75F9BOB71 Voted For All BOER Members Voted Against Property Identification: Property Owner Netherlan T. Davis Et Al Appellant(if different) Leslie Vanhook Property Address 17223 Atkins Road Parcel ID or Abstract 19829843732 Statement of Appeal: Request approval of untimely filed appeal. Current Assessed Value N/A County Opinion Deny untimely appeal Time of Hearin 2:35 PM Appellant Opinion Accept untimely appeal County Representative Roger Gunn Board Decision Untimely appeal denied Evidence submitted by the appellant: • The appellant is requesting the Board accept her January 14, 2026,request to hear the untimely filed appeal of the subject property for 2025. Evidence submitted by the county representative: • The taxpayer emailed a formal appeal to the Orange County Tax Office in the early hours of January14, 2026. As the deadline for this taxpayer to file a formal appeal was July 31, 2025, with the adjournment of the Board of Equalization and Review,the County informed the taxpayer on January 14, 2026, of this deadline and the appeal could not be considered for 2025. See attached correspondence. • Proper notice of the 2025 Board of Equalization and Review meetings and adjournment were published in accordance with GS 105-322 (e)and(f). • Correspondence to Appellant 1-14-2026 PM(2 pages) • Correspondence to Appellant 1-14-2026 AM(3 pages) • Appellant's Formal Appeal (3 pages) • GS 105-322(4 pages) Motion of the Board Deny untimely appeal Untimely appeal denied Made the motion Shannon Julian Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner Andre R. Caldwell Et Al Appellant(if different) Andrew Simpson/ Jackson Center Property Address 600 Church Street Parcel ID or Abstract 9788280621 5 Docusign Envelope ID:79E62A5D-CE8F-4443-A1 14-1 OC75F9BOB71 Statement of Appeal: Request reduction in value. No reasoning provided. Current Assessed Value $316,700 County Opinion $254,400 Time of Hearin 2:42 PM Appellant Opinion $256,025 County Representative Kelly Wells Board Decision $254,400 Evidence submitted by the appellant: • None supplied for formal appeal. Evidence submitted by the county representative: • The subject property is a 1,232 square foot single family home with 3 bedrooms and 1 bath built in 1964 on a.29-acre lot in the Northside district of Chapel Hill. • Based on information and pictures submitted previously during the informal appeal, The County recommends increasing the land adjustment from -30%to -50% and the additional depreciation on the house from 15%to 20%resulting in a revised valuation from$316,700 to $254,400. • Photo of Subject • GIS Map • Current Property Record Card • Proposed Property Record Card Motion of the Board Accept Count 's Proposed Value: $254,400 Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against Property Identification: Property Owner Clarence Farrar Appellant(if different) Andrew Simpson/ Jackson Center Property Address 302 Sunset Drive Parcel ID or Abstract 9788063993 Statement of Appeal: Request reduction in value.No reasoning provided. Current Assessed Value $325,900 ounty Opinion $296,500 Time of Hearin 2:44 PM Appellant Opinion $258,115 County Representative Kelly Wells Board Decision $273,900 Evidence submitted by the appellant: • None provided. Evidence submitted by the county representative: • The subject property is a 1,235 square foot single family home with 2 bedrooms and 1 & 1/2 baths built in 1922 on a.17-acre lot in the Northside district of Chapel Hill. 6 Docusign Envelope ID:79E62A5D-CE8F-4443-A1 14-1 OC75F9BOB71 • Tanner Valuations Group reviewed the property and the appeal: "Based on the condition of the dwelling, I saw no evidence to make any changes to the value of this property. Well- maintained exterior,therefore, I made the assumption of the same on the interior." • Photo of Subject • GIS Map • Sales and Equity Analysis • Current Property Record Card Motion of the Board Value Changed as Follows: $273,900(Condition changed to Fair, Effective Year Built reduced to match Actual Year Built) Made the motion Shannon Julian Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against ... Property Identification: Property Owner Odessa Wilson Appellant(if different) Andrew Simpson/ Jackson Center Property Address 504 Whitaker Street Parcel ID or Abstract 9788078622 Statement of Appeal: Request reduction in value.No reasoning provided. Current Assessed Value $271,500 County Opinion $228,600 Time of Hearin 2:54 PM Appellant Opinion $180,401 County Representative Kelly Wells Board Decision $228,600 Evidence submitted by the appellant: • None given for formal appeal. Evidence submitted by the county representative: • The subject property is a 1,126 square foot townhome with 2 bedrooms and 1 bath,built in 2016 on a .04-acre lot in the Loyd/Broad district in Chapel Hill. • As part of a BOER ordered neighborhood review the land base rate was reduced from $225,000 to $200,000 and a-25% size adjustment was added. • In an additional Board ordered review of Habitat for Humanity of Orange County homes,the land was further reduced by 25%and an additional 25% economic depreciation was added to the home resulting in the current value of$228,600. • The County recommends no further reduction in value. • Photo of Subject • GIS Map • Current Property Record Card Motion of the Board Accept Count 's Proposed Value: $228,600 7 Docusign Envelope ID:79E62A5D-CE8F-4443-A1 14-1 OC75F9BOB71 Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against Property Identification: Property Owner Thomas Merritt Appellant(if different) Andrew Simpson/ Jackson Center Property Address 709 Church Street Parcel ID or Abstract 9788185989 Statement of Appeal: Request reduction in value.No reason provided. NOTE: After this appeal was decided on 12/15/2025,Andrew Simpson from the Jackson Center emailed to request that it be moved to January 21st. This decision may change,pending the BOER's accommodation of this request to re-hear the appeal. 01/21/2026: Shannon Julian moved to rescind original 12/15/2025 motion/vote and re-hear appeal, Barbara Levine seconded, none opposed. Current Assessed Value $401,700 County Opinion $401,700 Time of Hearin 2:56 PM Appellant Opinion $268,150 County Representative Kelly Wells Board Decision $347,700 Evidence submitted by the appellant: • None provided for formal appeal. Evidence submitted by the county representative: • The subject property is a 1,536 square foot single family brick home with 4 bedrooms and 2 baths, built in 1947 on a.29-acre lot located in the Northside district in Chapel Hill. • Tanner Valuations Group reviewed the property and the appeal: Based on a field review of the property and similar properties in the area, I recommend no change. • Photo of Subject • GIS Map • Sales and Equity Analysis • Current Property Record Card Motion of the Board Value Changed as Follows: $347,700(Effective Year Built reduced to match Actual Year Built, carport reduced to Poor condition and 80%depreciation, E10 economic market adjustment Made the motion Shannon Julian Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against 8 Docusign Envelope ID:79EUMD-CHF-4443-Al14-10C75F9BOB71 Chair of the Bo cusigned by: Barbara Levine 2/5/2026 Recording Se nyd by: Rob Teachout r6bu� 1't,aG� Lo 2/5/2026 9