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Board upholds county—s $50.9 million assessment for Indian Trail apartment complex after cap-rate dispute
Summary
A hearing on an Indian Trail apartment complex owned by MREF entities ended with the Board of Equalization and Review accepting the county—s assessment of $50,931,400. The owner—s tax consultant argued for a lower value based on 2024 income and a higher loaded cap rate; county staff said their mixed-source cap-rate analysis and local sales support
The Board of Equalization and Review voted to keep Union County’s $50,931,400 assessment for a 204-unit apartment complex in Indian Trail after hearing a challenge from the owner’s representative.
Jared Levandowski, a property-tax consultant representing the owner (MREF 2 and MREF 3 Indian Trail LLC), presented an income-capitalization appeal that used the property’s 2024 operating statement…
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