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Board grants Myers Storage assessment appeal, sets value at $700,000 and schedules findings hearing
Summary
After extended deliberations over valuation methodology and whether a 2019 sale was arm’s‑length, the Board of Equalization voted 3–2 to grant Myers Storage LLC’s appeal and set full cash value at $700,000; the board directed staff to prepare findings and continued the matter to May 12 for final consideration.
The Lake County Board of Supervisors acting as the Board of Equalization voted 3–2 to grant assessment appeal application 15‑2024 from Myers Storage LLC and set the property’s full cash value at $700,000. The board directed staff to prepare findings of fact and continued the appeal to a date‑certain (May 12 at 2:00 p.m.) for consideration of those findings.
The hearing record showed competing valuations: the appellant urged the board to adopt the 2019 purchase price of $700,000; the assessor’s office presented updated appraisals and recalculations that produced an indicated value of $857,000 after applying an income approach, limited depreciation and a…
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