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Developer asks board to review missing appraisal pages for two fourplex lots
Summary
An attorney for Island Properties LLC told referees the assessor’s file omits key income pages and understates rental income for two newly built fourplex parcels; referees requested the missing pages and agreed to an interior inspection before final action.
An attorney representing Island Properties LLC asked the board to reconsider part of the assessor’s recommended valuation for two newly created lots (Island Subdivision Lots 1 and 2) that each contain fourplexes.
Zach Butts said his clients bought the original parcel in 2022 for roughly $9.09 million and later subdivided it to comply with city rules. He presented an appraisal and financial summary prepared for the finished product and said the appraisal in the…
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