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Board splits difference on 1310 Airport Road flex building after debate over depreciation method
Summary
An owner's representative argued that the county understated depreciation for a 62,312-square-foot flex/industrial building at 1310 Airport Road; the county pointed to recent tenant improvements and a major tenant lease when defending a lower-depreciation cost-based value. The board settled on an intermediate assessed value.
Union County's hearing board considered an appeal from the owner of a 62,312-square-foot flex/industrial building on Airport Road who argued that the county's cost approach used an insufficient depreciation allowance and therefore overstated building value.
Why it matters: Depreciation rates in cost-based appraisals materially affect assessed values for older industrial or flex buildings; for owners and lenders the chosen depreciation schedule can change assessed value by hundreds of thousands of…
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