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Agent disputes assessor sales comps for several apartment and storage property appeals; BOE delays rulings
Summary
Representative Casey Tier presented a 2024 appraisal and year-end income analyses that produced lower values than the assessor’s sales-weighted valuations for multiple apartment and storage properties; the assessor favored recent sales and market-parameter income approaches; the BOE deferred decisions to its scheduled decision meeting.
At the June 17 Oklahoma County Board of Equalization teleconference, agent Casey Tier represented multiple property owners in appeals alleging the assessor’s sales-comparison adjustments were excessive and dated, and urging greater weight for income-based valuation and a recent third-party appraisal.
For the property at 1919 East Second Street in Edmond (row number 189236000), Tier said an appraisal completed Nov. 1, 2024 and finalized Dec. 12, 2024 valued the property at $28,500,000. Tier provided a year-end 2024 income workup showing a pro forma income-based value of $28,500,000 and argued the assessor’s sales comps relied on older sales with large adjustments that make them poor comparables.
The assessor told the board the office’s selected sales-comparison set produced a median of about $32,000,007.85 and that the assessor’s pro forma income analysis produced an indicated value of roughly $27,000,001.48; the assessor said the office gave greater weight to the sales-run median when arriving at its valuation on the rolls.
Tier made similar arguments for two apartment properties (BOE cases 148 and 149). For BOE case 148, Tier said year-end actuals indicated a 2024 income-indicated value of about $11,700,000 and a pro forma market-adjusted income value of $19,510,000; she cited high turnover, high vacancy and increasing utility costs as reasons income analysis should carry more weight than older sales comps. The assessor said market-parameter income analysis produced about $23,700,000 for that property and that sales supported a value near $25,500,000; the assessor also noted a 2021 sale for one property of about $24,523,000.
Tier criticized the assessor’s comp selection, saying many comparable sales used by the county dated from 2019–2023 and required large percentage adjustments, which reduced their reliability. The assessor countered that the office ran multiple comp reports, selected more recent sales for valuation, and had also run income analyses for comparison.
The BOE did not rule at the hearing. Board members told Tier the panel would meet the following day to render decisions and would mail written notices of outcomes.
Ending note: Tier asked the BOE to give significant consideration to a 2024 appraisal and year-end income evidence while questioning whether certain distant or older sales are sufficiently comparable to support the assessor’s valuations.
