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Board lowers Studio 6/Studio 6–type hotel assessment to $3 million after owners' testimony
Summary
After owners described falling revenues, the Bannock County Board of Equalization set the assessed value for the motel property at $3,000,000, down from purchase price of $3.8 million two years earlier; commissioners asked the assessor to review a three-year revenue history to consider an income-based valuation.
The Bannock County Board of Equalization set the assessed value of a Chubbuck motel parcel (RPRCIGP000201) at $3,000,000 after hearing testimony from the property owners and the assessor about falling revenues and valuation approaches.
Owners Jay Aurora and Tejas Chaudhry said they purchased the property a couple of years ago and saw top-line revenue decline from roughly $1,100,000 at acquisition to about $750,000 in the most…
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