Summary
County and manager examined rent roll irregularities and high expense ratios for a small retail strip; a new tenant reported rent in 2025, and county will verify whether CAM and expenses are being passed through to tenants.
Taxpayer and Clay County staff discussed the assessment of a small retail strip at 601 NW Inglewood. The property manager provided operating statements showing total rent of about $51,000 in 2024 and a net operating income of roughly $28,000, producing a taxpayer valuation near $250,000.
County staff noted the expense ratio appeared high for a triple‑net retail property and questioned whether some tenants (reported on early rent rolls as paying no rent) were owner‑occupied or in rent‑abatement phases. The manager said a new tenant reported paying $12 per square foot beginning January 1, 2025, which would alter the prior year's income figures. County staff flagged management fees, utilities and contract services in the expense lines and said those items are usually passed through on a true triple‑net lease.
Officials agreed to review the updated rent roll and lease documentation. The assessor will return a written determination after verifying whether the reported 2025 lease and expense treatment materially change the 2024 operating picture.
