Board of Equalization and Review

Meeting recap

What happened, drawn from the records published after the meeting. Minutes

Three of the board's nine members attended both sessions: Chair Leon Meyers, and members Richal Vanhook and Shannon Julian. In the morning, the board heard 13 appeals from three related commercial ownership entities. SZ Chapel Hill Apartments LP appealed three parcels making up its Chapel Ridge student housing complex on Northfield Drive, seeking to reallocate value among them based on 2023-24 income; the board sustained all three at $2,291,600, $40,261,700 and $694,200. Chapel Hill Franklin Street Labs 1 LLC appealed six parcels it argued should be valued collectively as a shopping-center redevelopment; the board sustained five and reduced one, the 214 West Franklin Street branch-bank parcel, from $1,713,400 to $1,199,900 after the county itself recommended 68% economic depreciation. Rosemary Chapel Hill Apartments LLC's 101 East Rosemary Street parcel, a bank and office building the county said no longer reflects its highest use given a planned 150-unit apartment redevelopment, was sustained at $5,018,800. Franklin Office Chapel Hill LLC's two properties, a $28,738,300 office and retail building and an $8,178,500 aging parking deck, were both sustained. Glen Lennox Shopping Center Owner LLC's 1207 Raleigh Road property was reduced from $6,641,300 to $6,018,600 after the county adjusted its income approach for atypical reported expenses. In the afternoon, the board heard three appeals of modest homes on Rogers Road. It reduced one property from $187,900 to $177,500 and another from $188,500 to $160,800, in both cases applying more physical depreciation than the county itself had proposed, and sustained a third, a vacant lot, at $63,000.

How the votes went

All 16 motions passed without recorded dissent among the three members present, with Leon Meyers, Richal Vanhook and Shannon Julian rotating as the movant and seconder throughout both sessions.

From the published minutes.