Developer asks board to review missing appraisal pages for two fourplex lots

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 assessor’s file appears to be a pre-completion, high-potential estimate. Butts told referees his clients had conceded a finished-product valuation of $1,430,000 in their protest materials — about $100,000 higher than the appraisal his team produced — and that the income information was incomplete in the assessor’s copy.

The referee asked for the missing pages and noted that the appraisal’s income approach estimated lower per-unit rents; the referee said those missing pages (including income schedules) would materially affect an income-based valuation. “One of the reasons I rejected the appraisal was because in the appraisal I’m missing several pages, particularly in the income approach,” the referee said, asking the taxpayer to provide the omitted pages by Monday so staff could incorporate them before final action on Friday.

The board also explained limits on changing land values: land is equalized countywide and cannot be altered for an individual parcel without a larger action. Referees said their valuation recommendation would incorporate the income and market evidence once complete documentation was submitted and an interior inspection could verify percent-complete adjustments for the two buildings.

Next steps: the referees requested the missing appraisal pages and construction-cost records and scheduled a field check; they will issue a recommendation before the board’s scheduled final action.