Board applies large subdivision discount to 4 Seasons Residences land value after hearing; petitioner disputes treatment

The Board of Equalization considered a high‑profile land valuation dispute tied to the proposed 4 Seasons Residences at McDonald Highlands on Feb. 20. The 12.93‑acre project, marketed as very high‑end condominiums and advertised with penthouse prices in the tens of millions of dollars, generated lengthy testimony about how to set the taxable land value before vertical construction.

Assessor staff explained that when a subdivision is platted into multiple parcels, statute and administrative code authorize valuing land either by allocation from comparable subdivided neighborhoods, by development cost, or by absorption/bulk‑sale methods. Because 4 Seasons is a novel high‑end condominium product with no direct local analogues, the assessor reconciled several approaches: acreage sales in high‑end…