Property assessment reveals discrepancies in land and building valuations

The Oklahoma County Board of Equalization held a special meeting on May 28, 2025, to discuss property valuation concerns, particularly focusing on Building 2017, which spans 47,900 square feet and sits on 9.25 acres. The discussions highlighted discrepancies in the assessed value of the property compared to recent sales data and the county's valuation.

During the meeting, it was noted that the county assessed the land value at $250,000, which represents less than 10% of the total property value. This valuation raised questions about the accuracy of the county's assessment, especially given that the building alone was estimated to be worth approximately $3.6 million. The speaker emphasized that the county's valuation of $0.87 per square foot for the land seemed disproportionately low compared to the building's value of $75.47 per square foot.

The discussion also included comparisons to six recent sales of similar properties, which ranged from $21 to $52 per square foot. The speaker argued that the subject property was overvalued at $82 per square foot, suggesting that adjustments for age and property type were not adequately considered. The speaker proposed that, after making appropriate adjustments, a more accurate valuation might be around $70 per square foot.

The meeting underscored the complexities involved in property valuation, particularly for industrial properties with unique characteristics. The Board's deliberations will likely influence future assessments and highlight the need for more accurate and fair property evaluations in Oklahoma County.