Union County Board of Equalization upholds most assessments, lowers one apartment valuation after debate over income data and cap rates

The Union County Board of Equalization and Review met to hear taxpayer appeals of 2025 property assessments and voted after deliberation to keep most county valuations in place while reducing the assessed value of one apartment complex.

Taxpayer representatives and county appraisal staff presented evidence on the cost, income and sales-comparison approaches across six hearings. County staff repeatedly said they relied on Marshall & Swift cost estimates, market sales and a set of capitalization rates drawn from market sources. Appellants said their analyses, often using actual 2024 income statements or alternative cap rates, supported substantially lower values in several cases.

The matter that drew the most scrutiny was a 341,610-square-foot FedEx distribution facility (property key 09180004H). Appellant representative Chris Toth of Ryan LLC told the board the tenant (FedEx) is responsible for the real estate tax burden and presented multiple approaches that implied values between roughly $34 million and $45 million, well below the county's $51,010,900 appraisal. Toth said the purchase price ($60,000,000 in 2023) implies an unusually low capitalization rate (about 4.77%), which he described as an outlier. Union County appraiser Hunter said county staff had found an error in the…