BOER - What evidence should I provide to support my real property appeal?

There are several options for developing evidence:

• A report showing sales of similar properties. For improved residential property, this can be generated using the 2024 Comparable Sales tool. Go to wake.gov/revaluation/2024 and select Comparable Sales.
• Other comparable sales reports that you or a real estate professional have developed.
• Pictures of the property’s interior and exterior features and condition, including any upgrades. Estimates for repairs, if applicable.
• Optional: Fee appraisals with an effective date that is within 24 months prior to the Revaluation date can be submitted for supporting documentation.
• For income-producing properties, income and expense reports and rent rolls for 2022 through 2024, as well as information that supports your opinion of the appropriate capitalization rate.
• For commercial properties, we recommend an appraisal that demonstrates all three approaches to value.
• Any other evidence that you feel will support your appeal.

As a reference, here is a list of items usually requested for commercial appeals:

·         Rent Roll

·         Income and Expense Statement

·         Appraisal Report (if available)

·         Broker Opinions of Value or Listing History

·         Third-Party Market Research or Studies

·         Evidence of External or Functional Obsolescence

·         Zoning, Land Use, or Regulatory Information Affecting Value

·         Summary of Capital Improvements, Costs, and Dates (if applicable)

·         Details of Recent Sale of the Subject Property

·         Income Approach Support, including but not limited to:

·         Market Rent

·         Vacancy Rate

·         Expense Rate

·         Capitalization Rate

·         Details of Recent Lease Agreements or Renewals

Any documentation you can provide will be appreciated and will assist in completing a comprehensive review, as well as help facilitate productive settlement discussions.