Property valuations for Old Castle show significant annual increase amid maintenance concerns

Oklahoma County officials are raising concerns over a significant property value increase for Old Castle, a building materials company, during a recent Board of Equalization meeting. The property’s assessed value jumped from approximately $2.95 million to nearly $3.97 million in just one year, marking an increase of over 40%.

Officials highlighted that Old Castle's facilities, primarily used for storing building materials, do not meet the standards of superior industrial buildings. The structures are described as metallic and not well-maintained, which raises questions about the rationale behind the steep valuation increase. Concerns were voiced that the assessment may not have accurately reflected the property's condition or its actual market value, especially when compared to better-maintained industrial properties.

The discussion emphasized the need for a more nuanced approach to property valuation, particularly for properties like Old Castle that do not conform to typical industrial standards. As the county continues to evaluate property assessments, officials are advocating for a review of the criteria used to determine values, ensuring they align with the actual state and usage of the properties in question.

This meeting underscores the importance of accurate property assessments in maintaining fair taxation and ensuring that property owners are not unduly burdened by inflated valuations. Moving forward, the county plans to reassess its approach to property evaluations to better reflect the realities of the market and the condition of the properties.