Summary
A downtown Liberty retail unit (4 North Main) appealed its assessment; county and manager disagreed whether the lease reflected market rent or an owner‑occupied arrangement.
A property representative for a downtown Liberty retail storefront said the unit's operating income and condition support the county's current assessment and cited local lease comps; county staff said a reported low rent suggested the unit might be owner‑occupied rather than a market lease.
The taxpayer's representative presented income statements showing $4.75 per square foot of rent in 2023 and said he pulled local lease comparables averaging about $14.72 per square foot in the downtown area. He said the building has a mezzanine and an unfinished basement the county did not include in records and that the assessed value they proposed would be consistent with local asking rents and comps.
County staff said public records and the owner's rent roll showed a low historic rent figure and that some comparable rents were asking rents rather than executed leases. The county also said it did not find upstairs usable square footage recorded for tax purposes, and asked whether the tenant was actually the owner or an owner‑occupied arrangement that would explain the below‑market rent.
County and taxpayer agreed to exchange documentation; county staff told the owner it would return with a decision after reviewing lease evidence and lease‑comp comparables.
