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Home My WebLink AboutE&R 1986-05-12 23 ~ I BOARD OF EQUALIZATION AND REVIEW MEETING - FEBRUARY 17, 1986 (CONTINUED) ADJOURNMENT Commissioner O'Shields MOVED, SECONDED by Commissioner O'Neal to adjourn the meeting. Upon vote, the MOTION CARRIED UNANIMOUSLY. Chairman Barfield adjourned the meeting at 9:55 o'clock A.M. ~t:7 z: Lucie F. Harrell Clerk MINUTES OF CONTINUED 1986 BOARD OF EQUALIZATION AND REVIEW MEETING - MAY 12, 1986 I ASSEMBLY The 1986 Board of Equalization and Review met on Monday, May 11, 1986, at 8:00 o'clock A.M. in the Assembly room of the County Administration Building, 320 Chestnut Street, Wilmington, North Carolina. Chairman Barfield called the meeting to order. OATH Ms. Lucie F. Harrell, Clerk to the Board, administered the sworn oath of office to Commissioner Fred Retchin. A copy of the oath is on file in the Clerk's Office. APPEAL TO BOARD OF EQUALIZATION AND REVIEW - TAX MAP tR057-07- 002-021-000 - LOT 25, BLOCK 15, LANDFALL Tax Administrator, Roland Register, gave background information on the location of the property. He stated based upon comparative interior-lot values, the assessed value was $80,000, less a 10% condition adjustment assigned for paving and utility tie-in to be completed, leaving a total assessment of $72,000. I Mr. Richard Oscar Grant, Jr., the appellant, commented on assessment of Lot 25, Block 15 of Landfall stating his property appraisal by the Tax Office had increased from $5,000 in 1985 to $72,000 in 1986. He stated the land was not reappraised for 1986 in accordance with the law and common sense. Mr. Grant stressed the importance of this lot being less desirable because it was an interior lot with a view of the water. He requested adjustment of the 1986 assessment from $72,000 to $5,000 as appraised in 1985. ~ r)4 L. BOARD OF EQUALIZATION AND REVIEW MEETING - MAY 12, 1986 (CONTINUED) APPEAL BY LANDFALL (CONTINUED) Commissioner O'Shields commented on fair market value as stated in the North Carolina Machinery Act and asked Mr. Grant what he thought was the fair market value. Mr. Grant stated he paid $110,000 speculating on development as promised by the developer. He stated when the property was developed to its full potential, then he felt he should pay the fair market value. Commissioner 0' Shields commented on the Machinery Act stating property is to be appraised at 100% of the fair market value which defined is what a willing buyer will pay to a willing seller for a piece of property. After a lengthy discussion, Commissioner O'Shields MOVED, SECONDED by Vice-Chairman Retchin to confirm the assessed value of $72,000 as January 1, 1986, on Lot 25, Block 15, in Landfall. Upon vote, the MOTION CARRIED UNANIMOUSLY. APPEAL TO BOARD OF EQUALIZATION AND REVIEW - TAX MAP 'R049-13- 008-013-000 - HANOVER GARDENS APARTMENTS Tax Administrator, Roland Register, gave background information on the location of Hanover Gardens Apartments. He stated all property, real and personal, must be appraised at true value meaning market value. He stated he felt the appraised value of $1,626,180 was market value for this property. Mr. Bob Badgett, the appellant, appeared before the Commissioners commenting on the 1986 appraisal in the amount of $1,626,180. He requested the appraisal be based solely on income, profitability, and actual value of property when made available to the public in a sealed bid auction for $1,341,000. He presented a financial statement of the apartment complex. He commented on HUD restrictions which limit the amount of rent that can be charged. Mr. Jim Bethune, Appraisal Supervisor, commented on the market value of $1,940,897 stating after applying the market approach, cost approach and income approach, the assessed value was reduced to $1,626,180 which included a capitalization rate of 10%. He stated he felt this was a fair appraisal of the property involved and recommended upholding the assessed value. After a lengthy discussion, Commissioner O'Shields MOVED, SECONDED by Commissioner Retchin to uphold the assessed value of $1,626,180 as presented by the Tax Department. Upon vote, the MOTION CARRIED UNANIMOUSLY. "."iii'..". ? 5 ..., I BOARD OF EQUALIZATION AND REVIEW MEETING - MAY 12, 1986 (CONTINUED) APPEAL TO BOARD OF EQUALIZATION AND REVIEW - TAX MAP 'R05414-022- 001-000 AND 'R054-l8-004-002-000 - GARDEN LAKE ESTATES Tax Administrator Register gave background information on the appeal stating the basic difference was in the assessed value of the land. He stated the Tax Office assessed the value of land at $544,000 for 50 acres and the appellant was requesting a reduction in the assessed value of $364,650. Mr. W. Carroll Stephenson, Jr., Manager of Garden Lake Estates, gave background information on a deed restriction to HUD requiring the land and housing to remain as rental property until January 10, 1988, with no removal of structures to construct buildings which would produce a higher density use. He requested a reduction in the assessed value. After discussion of the land value, Commissioner O'Shields MOVED, SECONDED by Commissioner Retchin to reduce the assessed value of the property by $179,350 to a new assessed value of $7,001,930 as of January 1, 1986. Upon vote, the MOTION CARRIED UNANIMOUSLY. I APPEAL TO BOARD OF EQUALIZATION AND REVIEW - ECHO FARMS GOLF COURSE, CLUB HOUSE AND RECREATIONAL FACILITIES, ASSOCIATED LOTS AND ACREAGE Tax Administrator Register gave bakground information on the appeal stating Plaza Associates, Inc. were not in agreement with several parcels listed and had requested a reduction by 13.4% based on a sales ratio study. Mr. Curtis West, representing Plaza Associates, Inc., commented on the total assessed tax value of $2,588,000, stating the total purchase price was $2,881,000 in 1985. He stated the current assessed figure is very close to this figure and requested a reduction to $2,081,000 due to one portion of the property being overly assessed~ the golf course, clubhouse, etc. After a lengthy discussion of the golf course, clubhouse and recreational facilities associated with the lot, Commissioner Retchin MOVED, SECONDED by Commissioner O'Neal to uphold the assessed value of the Tax Office at $2,588,000. Upon vote, the MOTION CARRIED UNANIMOUSLY. ADJOURNMENT Commissioner O'Shields MOVED, SECONDED by Commissioner O'Neal to adjourn the meeting. I Chairman Barfield adjourned the meeting at 9:50 o'clock A.M. ~P~Cdl:'-~d' ~ F. Harrell Clerk ~