Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Pennington County board sets 512 Main assessment at $2,000,194 after appeal
Summary
After a lengthy appeal and debate about methodology and basement rents, the Pennington County Equalization Board set the assessed value for MHL LLC's 512 Main Street (Main Street Square) at $2,000,194, reversing a lower local board allocation and falling below the county's original figure.
The Pennington County Equalization Board set the 2024 assessed value for MHL LLC's property at 512 Main Street — known locally as Main Street Square — at $2,000,194 following an appeal and extended discussion about appraisal methods and below‑grade rents.
County senior commercial appraiser Rod Sledden told the board the county's income‑approach model, built from downtown market rents and cap rates, supported a recommended assessment of $2,709,200 after the city board of equalization had previously reduced the prior assessment to $1,678,800. Sledden said the county shifted downtown properties to an income approach because cost tables and observed sales were producing inconsistent results across older, renovated and rundown buildings. "When I use true market rates I end up at…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
