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Owner representative cites insurance and payroll increases in Timberline Apartments valuation appeal
Summary
A taxpayer representative told the Clay County board increased payroll and insurance expenses pushed down NOI at a 144‑unit complex, prompting a lower valuation request; county staff argued comparable sales and appraisals supported a higher figure.
A property representative told Clay County appraisal staff that Timberline Apartments and Townhomes in Kansas City (144 units) deserved a lower assessed value because net operating income (NOI) had declined in recent years owing to payroll and insurance cost increases.
The representative said he used a 6.5% cap rate (Integra cap‑rate study suburban class B) plus an effective tax rate to…
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