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Board sets fair-market value of one commercial property at $1.782 million after compromise
Summary
On May 12, 2025, the Oklahoma County Board of Equalization set the fair-market value of a commercial property at $1,782,000 after parties and staff discussed income and sales comparables and agreed on a midpoint.
The Oklahoma County Board of Equalization voted May 12, 2025 to set the fair-market value of a commercial property at $1,782,000 after the hearing officer and parties presented competing income and sales data and the board approved a compromise.
Why it matters: the board’s determination will set the taxable value for the property and affect the owner’s tax liability for the assessment year.
At the hearing, board members and staff reviewed an assessor valuation that began near $2,000,004 and had been adjusted downward during review. The hearing officer reported his own income analysis, which produced a lower estimate of roughly $1,572,286 based on the agent’s submitted income figures. Board members and the agent discussed sales comparables that showed higher per-unit values; the parties negotiated and the board moved to set the value at $1,782,000.
The motion to set that value was moved and seconded during the meeting; the clerk recorded affirmative votes and the board announced that the motion carried. The record in the hearing shows the board asked staff to notify interested parties by mail of the decision.
Speakers who participated in this item included Eleanor Thompson, chairing the hearing; hearing staff who presented the income and sales analysis; and the agent representing the property. The hearing record shows the board considered both the income approach and sales comparables when setting the compromise figure.
The board’s action was entered on the record as the resolution of that appeal; a written notice will follow to the parties in the case.
