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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 to rely on the recent sale price.
The assessor’s analyst said the assessor’s income and sales analyses supported a median sales indicator near $6.12 million and a mean higher still, and that the assessor’s own income approaches ranged from roughly $4.69 million to $5.395 million depending on assumptions. The assessor’s reviewer noted a burn permit issued in November 2024 (after the May 2024 sale) and later recorded as inactive, and the assessor indicated the county’s records reflect remodeling activity after the sale.
Board members said they needed clearer evidence on whether substantial improvements were completed between the May 2024 sale and the assessment date (Dec. 31). The assessor acknowledged a remodel was recorded for 2024 but could not provide a percent increase in value tied to the remodel during the hearing. The board left the record open to allow the assessor to provide permit and construction cost documentation and said it will rule Friday; the board cautioned appellants to bring complete documentation to inform valuation decisions.
No final valuation was issued at the hearing; the board will announce its decision in writing after review of permits and any post‑sale improvements.
