Homeowner at 2307 Northwest 50 Ninth appeals valuation citing new floodplain designation and insurance impact

A homeowner appealing the valuation for property listed as BOE 74 (2307 Northwest 50 Ninth) told the Oklahoma County Board of Equalization that a recent change to FEMA flood zone AE and resulting insurance impacts have reduced the property's marketability and should lower its assessed value.

The owner said they had to pay for an elevation certificate and that their insurer required a higher elevation: "we had to spend $879 on an elevation report to make our insurance company happy and, they came back and said, you know, FEMA.gov, you're at 11:51 and we need you to be at 11:53." The owner said a nearby new build was elevated and that the neighborhood now showed differing elevations that affect flood risk and insurance costs.

The assessor told the board the office lowered the land value by 20% because the parcel sits in a floodplain and a land specialist reviewed the case, but said the adjustment affected land only and did not change the building value: "It only affected the land value." The assessor explained that comparable sales in the floodplain were not available, so the land specialist's local knowledge and mapping supported the land adjustment. The assessor also noted one partial-interest sale on record that could not be treated as an arms-length transaction for valuation purposes.

Board members closed the hearing and said they will make a decision on Friday and notify the parties by mail. No formal vote on a final valuation was recorded during the meeting.

The homeowner said their insurer declined renewal and they were seeking alternative coverage; the owner reported receiving a quote for flood insurance of about $7,700 per year for $250,000 in coverage. The board clarified that insurability does not directly change building valuation under the assessor's methodology but that land in a floodplain may be adjusted.

The board will issue its written decision after further review.