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Board upholds assessor value for Fort Apache townhomes after debate over income vs. rent-multiplier approaches
Summary
The Board of Equalization on Feb. 20 declined to adopt an income‑capitalization valuation for a 79‑unit Fort Apache townhome development, instead accepting the assessor’s parcel‑by‑parcel comparable/GRM approach with a modest land‑value adjustment.
The Clark County Board of Equalization heard competing valuation approaches on Feb. 20 in an appeal by Fort Apache Townhomes LLC over the taxable value of a 79‑unit townhome development near Fort Apache and Serene streets.
Developer and owner representatives argued the project should be valued as a single income‑producing unit rather than as 79 separate taxable townhome parcels. Counsel and developer witness Vincent Schetler described the property as an operating rental project (build‑to‑rent) with a single construction loan and a unified revenue stream; they provided a rent roll and several months of operating statements that showed the project reaching near‑full occupancy in December…
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