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Board lowers multiple duplex assessments after investor Gary Hart appeals; debate centers on comp model vs income approaches
Summary
Investor Gary Hart appealed assessments on seven duplex/row-type properties; the assessor conceded on several parcels and the board approved adjusted assessments after a technical discussion of comparables, gross-rent multipliers and cap rates.
The Davis County Property Tax Assessment Board of Appeals on Aug. 14 heard a consolidated appeal from investor Gary Hart over assessments on multiple duplex and row-type properties and approved adjustments to several parcels after the assessor presented sales comparables and an income approach from a commercial-data vendor.
Gary Hart, who said he owns seven duplexes, told the board he used comparable sales and a cost/income analysis to argue the assessor's values were too high. "The model that they're utilizing is flawed," Hart said, presenting sale-to-assessed deltas and per-unit income calculations. Hart described low investor returns under…
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