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Board Seeks Permits, Improvement Records After May 2024 Sale of Castle Tower Apartments
Summary
Parties disputed whether the May 2024 $4.9 million sale of Castle Tower Apartments should control market value after assessor raised valuation to $5.103 million; assessor says sale was of a distressed property and later remodels may explain an assessed increase; board requested permit/permit evidence and left record open.
Castle Tower Apartments (BOE No. 131, row 147852200) drew extended discussion after the taxpayer supplied a May 2024 closing at $4.9 million and the assessor raised market value to $5.103 million for the current tax year. The appellant provided the sale closing statement and described the property as distressed at sale — citing vacancy, building damage and substandard parking — and urged the board…
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