Homeowner appeals market value after fire and rebuild at Fairview Farms property; board to rule next week

Homeowner Fraley asked the Oklahoma County Board of Equalization on May 6 to reduce the assessor—s market valuation for a house on Fairview Farm Boulevard, saying the house burned, the interior was rebuilt and the county—s new valuation — which Fraley said represents a roughly 40% to 45% increase in taxable burden — overstates the property—s market value.

Fraley told the board the home was ‘‘totally— damaged by fire’’ and that much of the interior had been taken down to the studs; he said repairs included new drywall and paint but that brick, mortar and much exterior material remained original and were not replaced. Fraley said he and his wife received a phone response from assessor staff during their informal contact and that a remark made during that phone conversation upset them; he apologized later for the exchange.

Assessor staff said the office had a construction permit on file showing about $1 million in work for the property and that the home—s effective age was reset because the interior work was extensive. The assessor—s presenter said the office used a set of comps whose median and mean were about $1,000,001.99 and $1,000,001.79 respectively and that, after accounting for the permit work and effective-age adjustment (the assessor assigned an effective age of seven years and applied a 75% remodel factor), the office set market value at $1,120,000.

The assessor—s representative explained the difference between taxable value and market value to the owner: "There's a difference between the fair market value and the taxable of value," the staff member said, and added that homestead exemptions limit how much taxable value can rise each year. The presenter told the board: "Increases shall not exceed 3% for homestead and or agricultural land, 5% for all others unless title to the property is transferred, change, conveyed during the preceding calendar year, or improvements were made to the property." The staff said the fire and subsequent work triggered a reassessment that reset taxable and market values.

Fraley disputed whether all the interior work justified treating the property as effectively new; he said many exterior elements remain original and that market demand should be considered. The board did not rule at the May 6 hearing and the chair said the board will issue a written decision after meeting next Friday; parties were told they will receive notice by mail.