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Taxpayer and assessor clash over vacancy adjustments at French Market Mall; decision deferred
Summary
A contested appraisal of French Market Mall turned on whether the county assessor must apply lease-up adjustments for a property the taxpayer says was roughly 50% vacant at the valuation date.
A dispute over how to account for vacancy at French Market Mall left the Oklahoma County Board of Equalization without a decision today as the board said it will issue a written ruling after its May 1 meeting.
Zachary Whitaker, the taxpayer—onsultant appearing by phone, told the board the shopping center was about 50% vacant at the valuation date and that buyers would apply lease-up costs and absorption risk when valuing such a property. He said he converted that difference into a lease-up deduction of approximately $5,530,000, which reduced his income-approach indicated value to about $13.3 million. Whitaker summarized the…
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