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Appeal over commercial cost multiplier fuels hotels’ valuation dispute at assessor’s hearing
Summary
Taxpayer representatives disputed the county’s commercial cost multiplier and resulting property valuations for three hotel properties; the assessor’s office defended its 2.72 modifier based on a county cost study and said income- and sales-based approaches were not viable for 2025.
Taxpayer representatives and the Berkeley County assessor debated the county’s commercial cost multiplier and the valuation of three hotels during a review-and-equalization hearing.
At a hearing convened by Assessor Larry Hess, a property tax consultant representing several hotel owners challenged the assessor’s use of a 2.72 county commercial cost multiplier and presented alternate cost- and income-based analyses that produced substantially lower improvement values.
The consultant, identifying the property at 301 Foxcroft Avenue as Golden Hotels LLC, said cost and income approaches using updated Marshall & Swift factors and an 8% cap rate produced a reconciled value around $8.5 million to $8.8 million. The assessor’s office had the same property assessed at about $11.46 million for the 2025 tax…
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