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Board reduces assessment for East Market shopping center to $12.3 million after income and sales review
Summary
An appellant representing the owner of the East Market shopping center presented pro forma P&Ls and comparable sales; after staff questions about common-area maintenance (CAM) reconciliation and capital reserves, the Board voted to lower the 02/2025 assessment to $12,300,000.
A commercial property owner’s representative, identified in the record as Mr. Wilson, appealed the assessed value of the shopping center at 1835 East Market Street (map 078 B 3). Wilson supplied a pro‑forma income statement and a capped income approach that produced a lower indicated value than the assessor’s roll.
“The assessment for 02/2025 is $12,788,800,” Wilson told the board when he opened his appeal packet; he submitted a pro forma NOI and an income-capitalization…
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