Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Commercial Property topic
No spam. Unsubscribe anytime.
Appellant, Assessor Disagree on Valuation Methods for Magnolia Heights Industrial Parcel
Summary
At the BOE hearing an agent argued Magnolia Heights (row 142989100) should be valued near $312,000 using sales and cost approaches; the assessor explained reliance on sales data and Prognos system and the board closed the hearing for a later decision.
Magnolia Heights (BOE No. 126, row 142989100) — a smaller equipment storage and repair property off I‑35 Service Road — was the subject of another valuation appeal. The agent presented sales and cost approaches that produced values around $312,000 and $313,983 and said his sales comparables were geographically close to the subject.
The assessor’s presenter said the assessor obtained income and market data from Prognos and that the assessor’s sales‑based analysis yielded a slightly higher value near $429,004 (assessor). The assessor also said the office had tried to contact the agent for additional income information and that the assessor’s staff used its own sales datasets when income documents were not provided.
As with other items the board did not decide at the hearing. Chair Eleanor Thompson closed the hearing and said the board will make a decision Friday and notify parties by mail.
