Owner disputes Thistle Terrace assessment; assessor cites comparable sales and maintains value

A homeowner for a property in the Thistle Terrace neighborhood (BOE 75) appealed the assessor's valuation, arguing that the assessor relied on comparable sales and premiums for perimeter lots that inflated the assessed value.

The appellant said she closed in August 2020 and later refinanced; she provided an appraisal and settlement statement and contended many nearby lots carry a builder land premium of roughly $20,000 or more that the assessor’s sales-based methodology may have reflected in sale prices rather than segregating land premium from base value. The owner said comparable floor plans used by the assessor were limited and that only one of the assessor's six comparables matched her floor plan closely.

The assessor responded that the property's square footage is 3,185 and that the office used a six-comp report (five sales in 2024 and one sale in 2023) with minimal adjustments on effective age and square footage; the assessor said median and mean sale prices from those comps supported the assessor’s valuation. The assessor also noted that appraisal reports for refinancing typically rely on raw sale data without the same adjustments used for assessments.

After discussion, the board closed the hearing and said it will make a determination on Friday and notify the owner by mail. The assessor and appellant agreed that new construction completed after the December 31 valuation date cannot be considered for the 2024 assessment year.

No final valuation or vote was recorded in the meeting; the board will issue a written determination.