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Board hears appeal of 26‑unit apartment valuation; assessor cites recent sales, owner cites heavy rehab needs
Summary
An appellant asked the Oklahoma County Board of Equalization to lower a 2024 fair‑market value for a 26‑unit apartment to $1 million, citing vandalism and boarded units; assessor staff placed the value at $2.3 million after review and said recent 2022 sales support higher value. The board will make a decision at a later meeting.
The Oklahoma County Board of Equalization heard an appeal April 20 from a representative of a 26‑unit apartment complex that the appellant says is boarded up and requires roughly $5.3 million in repairs.
Chair Eleanor Thompson explained the board's appellate role and evidence rules: "we are an appellate body, so we are not here to receive new evidence. If you wanna give us some information that you did not give to the assessor, you have to say that, and the assessor has to say whether or not he doesn't mind." The appellant said the owner had not fully pursued appeals earlier and that the property is currently unoccupied due to vandalism; the appellant said an estimate submitted after the informal hearing shows about $5.3 million in rehabilitation costs and asked the board to set market value at $1,000,000.
Assessor's valuation analyst Jason Cahill told the board the assessor had initially valued the property at $3,313,200, reduced it after an informal hearing to $2,300,000, and noted two sales in 2022: one for about $3.31 million and one for about $2.9 million (sales prices recorded in the assessor's notes). Cahill said the assessor lowered the value for 2025 to reflect interior condition and that the office had emailed the notice of decision to the agent, Morty Niederman. Cahill also noted the $1,000,000 cost estimate was emailed after the hearing.
Board members discussed whether the later estimate could be considered. Chair Thompson and other members told the appellant the board would not accept evidence that had not been submitted to the assessor unless the assessor agreed to consider it. The board closed the hearing and said it will make a determination on Thursday and notify the appellant by mail.
Why it matters: the appeal concerns valuation used to compute 2024 taxes (valuation as of Dec. 31, 2024) and hinges on whether substantial post‑hearing rehabilitation estimates change fair‑market value for the tax year in question.
Outcome: no final decision at the April 20 session; the board scheduled decision making for its next meeting and will issue a written notice of decision.
