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Owners, Assessor Clash Over Fair‑Market Value of Southern Commons Low‑Income Apartments
Summary
At a May special meeting of the Oklahoma County Board of Equalization, property representatives and the assessor’s office disputed how to value Southern Commons, a Section 42 (low‑income) multifamily complex; the board took no final vote and said it will issue a decision Friday by mail.
The Oklahoma County Board of Equalization heard competing valuations Wednesday for Southern Commons (BOE No. 123), a Section 42 low‑income multifamily property. The property owner’s agent asked the board to set fair‑market value at about $5.82 million (roughly $55,000–$60,000 per unit); the assessor’s office recommended a valuation around $8 million based on its income analysis.
The dispute centers on which income streams and cap rate to use. Agent Jake said the property’s actual income is negative and that his pro forma, based…
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