Oklahoma County board sets new fair-market values for several multifamily properties after hearings

Oklahoma County’s Board of Equalization set new fair-market values June 16 after hearings on six apartment-property appeals, approving revised assessments for several large multifamily complexes and taking into account updated income, sales comparables and condition evidence presented by owners and assessor staff.

The board, chaired by Eleanor Thompson, voted to set BOE number 139 (Metropolitan Oklahoma Avenue LLC, 800 N. Oklahoma Ave.) at $54,340,600 after hearing the property owner’s appraiser and the Assessor’s Office on competing income and sales valuations. Assessor’s Office presenter Ryan Terry told the board the office was “ready to . . . accept our agent’s income pro forma, which was 54,340,000.” The owner’s appraiser had asked for a lower value based on a weighted sales-and-income approach.

Why it matters: Board valuations determine taxable assessed value for the coming year and affect owners’ tax liabilities and the county’s tax roll. Large multifamily properties drove the meeting’s discussion because of sparse comparable sales and condition issues owners cited.

Most important actions and votes - BOE 139 (Metropolitan Oklahoma Avenue LLC): After discussion of income…