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 statements, cap rates and limited comparable sales, the board set the fair-market value at $54,340,600. The motion was moved and seconded and carried with affirmative votes recorded by board members present. - BOE 140 and BOE 142 (land/associated buildings for Midtown/Edge properties): The board took items 140 and 142 together, discussed land allocations and building condition problems, and set combined values that reflected negotiated downward adjustments from assessor starting figures. The board approved a land-related valuation (as presented in the hearing packet) and a combined building valuation for the Edge/associated parcel at roughly $39,000,707 for BOE 142 and the assessor’s land figure accepted for BOE 140; motions were made, seconded and approved on the record.

Other hearings and outcomes - BOE 141 (Stonebrook/Stonebrook Apartments): Owners argued for a substantial reduction, citing income and market pro forma results; assessor staff discussed cap rates and sales-modeling changes. The board did not finalize a higher-profile adjustment at the hearing beyond closing the matter for decision. - BOE 143 (Sycamore Farms and similar large complex): Owner and assessor presented divergent sales histories and income analyses; both sides agreed sales and income approaches warranted consideration. No new repairs or urgent safety conditions were reported for this property during the hearing. - BOE 144 (Quail Landing): Owner requested a value near prior levels; assessor reported a model-driven increase. The board heard argument over why recent 2023–2024 sales were or were not included in assessor sales grids; members asked both sides to supply supporting documents (photos, repair estimates) where condition issues were asserted.

Evidence and points emphasized - Condition and deferred maintenance: For Edge/ Midtown properties the owner and assessor discussed mold, subfloor and termite problems; assessor staff acknowledged 37 units were out of service for mold remediation as of Jan. 1 and said those condition photos would be considered. The assessor suggested those outages could justify a downward adjustment and estimated a roughly 10–15% effect in one instance, which the parties used as the basis for a negotiated reduction in value. - Comparable-sales scarcity: Both owners’ agents and assessor staff repeatedly said recent comparable sales for large multifamily properties were sparse in the relevant unit- and age-range, prompting heavier reliance on income capitalization approaches and adjustments to older sales. - Methodology: Appraisers and assessor staff repeatedly described weighting income and sales approaches (commonly 50/50) and cited cap rates in the 8.25–9.45% range for different properties.

What the board directed next: The board closed hearings after hearing presentations and indicated written notices and formal orders would follow; staff asked owners to provide condition photos and any additional documentation for the record when requested. Chair Eleanor Thompson said the board would notify parties in writing of decisions for items pending further consideration.

Meeting context: The special session took about 72 minutes, reviewed six BOE items and included multiple detailed presentations from property representatives and assessor staff. Legal counsel Brett Towne, assessor staff (including Ryan Terry and Kyron), and board members including Miss Sellers participated on the record.

The board adjourned after taking the votes recorded on the items listed above and closing the remaining hearings for later formal action.