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Owner representative challenges Clay County’s valuation of Landing at Briarcliff apartments
Summary
Property representative and Clay County staff disputed net operating income, capitalization rates and comparable-sales data for a 340‑unit apartment complex.
A representative for the owner of the Landing at Briarcliff told Clay County appraisal staff the property's income and market capitalization justify a lower assessment than the county assigned.
The taxpayer representative said the two‑parcel property (340 units) produced a net operating income (NOI) in recent years of just over $4 million and used a base capitalization rate of 5.75% (overall rate ~7.3%) to reach a concluded value of about $69.6 million. "We're using 5.75. We think that's fair, with what the market's doing," the…
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