Owners and assessor dispute valuation of West Covell strip mall over income, expenses and capital items

At a May 2025 special hearing of the Board of Equalization of Oklahoma County, representatives for a property owner and assessor staff debated the market value of two adjacent commercial accounts—775 and 805 West Covell Road—centered on differences in income accounting, expense treatment and vacancy and cap-rate assumptions.

Tax agent Rafael (first name used in the transcript) told the hearing panel he and his client had submitted a profit-and-loss statement, rent roll and an itemized list of property improvements totaling $116,863 that the assessor had not fully reflected. "It is our position that the expenses are actually a little higher than what the assessor's office has calculated, and it is primarily due to this itemization that I provided, for property improvements," Rafael said. He asked the board to accept an income-based valuation nearer to $973,926 (as presented in the evidence packet) rather than the assessor's higher…