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Board approves reduced assessment for three RCG Pocatello parcels after retailer departure factored in
Summary
The assessor recommended, and the board approved, a lowered aggregate assessed value of $11,569,756 for three RCG Pocatello parcels in Pocatello Square, reflecting adjustments tied to potential vacancy following Jo-Ann Fabrics' bankruptcy and departure.
Bannock County’s Board of Equalization approved an adjusted assessed value totaling $11,569,756 for three commercial parcels in Pocatello Square owned by RCG Pocatello, with the recommended reductions applied to the improvements on the parcels.
Assessor staff told the board the appellant raised concerns after Jo-Ann Fabrics filed for bankruptcy and planned to vacate space at Pocatello Square. Although the assessor noted that value is determined as of the March 1 assessment date and the tenant was still paying rent through the following year, staff considered the likely effect of lower rents and a potential vacancy and identified adjustments on two of the three parcels.
The assessor distributed a parcel-by-parcel allocation for the adjusted total: the parcel ending in 402 was recommended at $2,630,600 after adjustments to improvements; the parcel ending in 501 was recommended at $8,897,077, also taken off improvements; the third parcel (a bare land parcel) had no adjustment recommended. The board approved the assessor’s recommendation by voice vote.
The record shows the board accepted the assessor’s economic analysis and applied the reductions to the improvements portion of the assessed values; the transcript does not record a precise per-parcel vote tally.
