Assessors adjust property values during Choctaw road hearing

The Oklahoma County Board of Equalization (BOE) held a special meeting on April 3, 2025, to discuss property valuation issues, particularly focusing on residential properties with business activities. A significant topic of discussion was the classification of properties that serve dual purposes—residential and commercial.

During the meeting, board members debated whether a residential property used for business, such as a tax service or beauty salon, should be classified solely as residential or if it should have a commercial designation. The consensus was that such properties could be categorized as "commercial residential," allowing for a split valuation that reflects both uses. This classification is crucial for determining property taxes accurately.

The board also reviewed specific property assessments, including one located at 3142 Effie Drive. The property’s market value was proposed to be lowered from $79,000 to $66,009.60 based on comparable sales data. The assessor presented data showing that the median value for similar properties was approximately $66,000, with the previous year's values being $65,000 and $72,000. This adjustment reflects ongoing trends in the local real estate market.

Members expressed concern over the significant drops in property values, questioning the initial assessments that did not account for market changes. The discussion highlighted the importance of using accurate and comparable sales data to ensure fair property valuations.

In conclusion, the meeting underscored the complexities of property classification and valuation in Oklahoma County, particularly as more residential properties are used for business purposes. The board's decisions will impact property taxes and the overall assessment process moving forward.