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Harrisonburg board adjusts assessments for multiple commercial parcels after appeals
Summary
The Board of Equalization voted to change assessed values on several commercial parcels, including five parcels tied to a shopping center and a larger community shopping-center appeal, after presentations from property representatives and appraisers.
The Board of Equalization for Harrisonburg (Independent City) voted to adjust assessed values on several commercial parcels during hearings that included presentations from property representatives and outside appraisers.
Representatives for the Cloverleaf/Spotswood Valley shopping-center properties and other appellants appeared before the board and described differences between market transactions and the city’s assessments. Jeff, a commercial real-estate broker with Lean Associates, told the board the center’s actual rents and tenant mix mean market value is lower than the assessor’s calculations. “We’re significantly off on, by $5,000,000 on where this thing would likely sell versus where it’s assessed,” Jeff said, explaining his firm used the city’s net operating income formula but plugged in actual gross…
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