Board reduces assessment for East Market shopping center to $12.3 million after income and sales review

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 calculation that yielded an income approach indication of roughly $10.87 million and noted a comparable sale (Spotswood Valley Square) that sold at about $120 per square foot.

Board members questioned details of the operating statement, focusing on whether specific line items — notably a “common area maintenance without real estate tax” entry — were true net expenses of the owner or were being remitted through CAM reconciliation with tenants. Members asked staff to confirm whether the CAM entry was net of tenant reimbursements and whether capital-reserve assumptions were correctly applied to the pro forma profit and loss.

The board temporarily took portions of the discussion offline to review confidential income elements, then reconvened for deliberations. A board member said an adjustment was warranted given the materials presented. After additional review and a motion on the record the board voted to reduce the assessed value for tax parcel 078 B 3 (1835 East Market Street) to $12,300,000. Motion seconded; voice vote—aye; chair voted aye. The board directed staff to request clarification about the CAM reconciliation from the appellant and to issue a written decision to the taxpayer.

Wilson had proposed a lower figure based on his income approach and the Spotswood Valley Square sale; the board’s final number reflected a compromise between the assessor’s roll total and the income-based indications presented by the appellant.