Owner and county differ on Holiday Inn value after 2023 appraisal

An assessment hearing on the Holiday Inn near Worlds of Fun centered on a large gap between a recent appraisal and the county’s valuation. The owner supplied income and expense statements and an appraisal dated Aug. 1, 2023, that lists the property at $14,300,000; the county’s current assessed value is $5,900,000.

Why it matters: A difference of this size affects the owner’s tax liability significantly and, if sustained, could alter precedent for similar hotel valuations in the county.

At the hearing the property’s representative said the appellant provided financial statements for 2022–24 and used those to calculate a value of $2,662,500 after applying their vacancy and cap-rate adjustments. Mike Jacoby, identified in the transcript as Clay County assessment staff, told the panel that the county’s trip report lists an August 1, 2023, appraisal showing $14,300,000 and said, “The appraisal would spell out everything about this hotel. It would tell you what the business value is, what the real estate value is, and everything.” Jacoby told the hearing he had not seen the full appraisal copy prior to this meeting and asked that the county be allowed to take no change and require the appraisal be submitted at the State Tax Commission level.

Discussion: County staff noted their valuation used a different cap rate and that the appellant’s loaded cap rate was high relative to the appraisal’s implied cap rates; the county pointed to loan-to-value and implied cap-rate figures in the trip report. The appellant asked the board to consider their income-based calculation for tax year 2025. County staff also noted an original loan balance of $9.5 million and other financing entries in the record.

Decision and next steps: County staff recommended a no-change position at the local level and said the appraisal should be produced to the State Tax Commission if the appellant pursues an appeal there. The transcript does not show a formal vote recorded on the record at this hearing.

Context and limits: The county representative described an existing appraisal in their trip report but said the county had not received the full appraisal file before the meeting; the appellant supplied financial data for 2022–24 during the hearing. This article reports only what the transcript records and does not assess the appraisal’s merits or the correct taxable value.

For follow-up: The county asked that the appellant supply the appraisal or otherwise present it to the State Tax Commission; county staff indicated they would treat the local record as a no-change recommendation unless the appraisal were provided for review.