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Board trims Village Square apartment assessment to $15 million after debate over cap rates
Summary
The Union County Board cut the assessed value of Village Square Apartments from the county—s $16,015,150 to $15,000,000 after hearing competing income-based valuations. The owner—s appraiser presented a lower income-capitalization analysis; county staff defended their loaded cap-rate model and local sale comparables.
The Board of Equalization and Review reduced the assessed value of Village Square Apartments (a 90-unit complex) to $15,000,000 after a contested appeal in which the county and the owner’s appraiser disagreed chiefly over capitalization rates and comparable sales.
Terry Landers, a certified general appraiser who said he reviewed three years of income statements for the 1982-built property, presented an income-capitalization analysis that…
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