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Board Hears Dispute Over Valuation of Poe Road Warehouse; Parties Differ on Asset‑management Expense Treatment
Summary
At the June 23 BOE hearing, property owner and assessor clashed over valuation adjustments and whether an asset‑management fee is an allowable operating expense for a large warehouse at 8711 Poe Road. Assessor reduced its preliminary valuation; owner seeks a substantially lower value. The board postponed a decision.
The Board of Equalization reviewed an appeal June 23 concerning account number 140828497, a warehouse property at 8711 Poe Road. The assessor began the income‑approach valuation at $40,159,571, lowered it to $35,759,000; the owner sought a valuation of $25,049,746. A central disagreement centered on whether an asset‑management fee should be counted as an operating expense in an income capitalization approach.
The dispute matters because including or excluding asset‑management costs materially changes net operating income and therefore indicated market value under the income approach.…
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