Property Valuation Discussion Highlights County Overvaluation of Older Buildings

In a recent special meeting held by the Oklahoma County Board of Equalization, discussions centered around property valuation, revealing significant concerns about the accuracy of assessments for local real estate. The meeting, which took place on May 28, 2025, highlighted a specific property that has sparked debate over its assessed value compared to market trends.

As officials reviewed the valuation of a 28,000 square foot building constructed in 1978, it became clear that discrepancies existed between the county's assessment and the actual market value. The property, currently valued at over $1.1 million, was argued to be worth closer to $950,000 based on recent sales data. This figure was supported by comparable properties that sold for between $46 and $54 per square foot, indicating a potential overvaluation by the county.

The discussion revealed that the county's valuation methods might not adequately reflect the realities of the local real estate market, particularly for older buildings. One participant noted that the county's approach often results in inflated values for properties built in the 1970s and earlier, which do not align with the quality and condition of these structures.

Further complicating the matter, officials examined the replacement cost calculations provided by the county, which included detailed depreciation assessments. However, confusion arose regarding the documentation, as some members struggled to locate specific pages that detailed the valuation methodology.

As the meeting concluded, the sentiment among board members suggested a need for a reevaluation of property assessments to ensure they accurately represent current market conditions. This ongoing dialogue reflects broader concerns about property taxation and the financial implications for residents in Oklahoma County. The board's commitment to addressing these issues may lead to significant changes in how property values are determined in the future, ensuring fairness and transparency for all stakeholders involved.