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Clay County assessor and property representative dispute value of Savannah West Apartments
Summary
At a Clay County hearing, a property representative and the county assessor presented sharply different valuations of Savannah West Apartments, citing differing cap rates, a 2021 appraisal and recent market comparisons; no formal decision was recorded.
A Clay County assessor and a property representative presented conflicting valuations of Savannah West Apartments during a county hearing, with the representative saying the complex is worth about $180,000 per unit and the assessor citing a December 2021 appraisal that valued the property at $51.3 million.
The discrepancy emerged as the property representative described the site as "an apartment complex located at 8901 North Chestnut" built in 2016 with one- and two-bedroom units and attached garages, and said the client purchased the property in 2021 "as part of a 1031 exchange." The representative said she used recent income and expense statements and a 7.28% capitalization rate to calculate a value of about $180,000 per unit.
Why it matters: the two valuations differ by millions and rest on different cap-rate assumptions and data sources presented to county…
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