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Board of Equalization keeps 2024 assessment on CMI Terex industrial building at $4.53 million
Summary
After testimony from county appraisal staff and a consultant for the property owner, the Lincoln County Board of Equalization voted to retain the 2024 assessed value of $4,528,218 for a 79,113-square-foot CMI Terex manufacturing building.
The Lincoln County Board of Equalization voted unanimously to keep the 2024 assessed value of $4,528,218 for parcel 200.52.15.502, a 79,113-square-foot industrial building owned by CMI Terex Corporation, following an appeal by the property owner.
The decision came after county appraisal staff described the property and the assessor’s recommended valuation. County staff said the building was constructed in 2011, has a 27-foot eave height, seven overhead doors and seven metal entry doors, and is used for heavy manufacturing and metal office space. The assessor’s recommended 2025 valuation was $4,606,728, up slightly from the 2024 assessment.
Appellant Tim Levins, a consultant with Dushar McMillan Associates, told the board he primarily used a sales-comparison approach and reconciled to $48 per square foot, which produced his requested value of $3,700,000 on the PT-17 appeal form. Levins acknowledged limitations in available comparable sales and said many of the sales he relied on were outside the immediate local market and required adjustments. “I reconciled the $48 a square foot, and that’s what I was asking for in the appeal form,” Levins said.
Commissioners questioned the comparability of the sales used by both the county and the appellant, noting size, age and location differences and the scarcity of truly comparable transactions in the immediate area. County staff reiterated that, because of weak local sales data for similar buildings, the assessor relied on a cost-based approach and assessment equity within the industrial park.
After discussion, a motion to retain the 2024 assessed value of $4,528,218 (the appellant had proposed lower figures and the assessor’s recommendation was slightly higher) passed on a recorded roll call with all four commissioners voting yes. County staff provided a breakout showing the 2024 land value at $130,008.70 and the structure at $4,397,348.
The board adjourned the parcel’s appeal with that formal action; no additional requirements or follow-ups were specified during the hearing.
