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Board lowers Route 29 shopping-center assessment after agreeing to recalc rent assumptions
Summary
After a lengthy hearing over rent and expense figures, the Albemarle County Board of Equalization directed the assessors office to recalculate a Town Center shopping-center assessment using a $30 per-square-foot starting rent, reducing the total assessment to about $11.0 million.
The Albemarle County Board of Equalization on June 16 approved a recalculation of the assessment for a Route 29 shopping center (application number 27, PID 4735), directing the assessors office to use a $30-per-square-foot starting rent for the income approach instead of $37.40.
The assessors staff presented an income and land-value analysis showing the centers supporting land and excess land were previously valued using a higher market rent assumption. The assessor explained the office uses a shopping-center model that applies a benchmark vacancy rate and standardized expense assumptions when owners do not provide fully itemized, certified statements.
"We used retail rents within a mile of the subject property," a county assessor's presenter said, describing the offices…
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