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Dispute over apartment valuation method: assessor seeks income data, applicant stresses cost approach
Summary
Attorneys for a multi‑parcel Wagon Wheel apartment project clashed with the assessor over whether valuation must be limited to costs. The assessor insisted additional income and market data are relevant and the board ordered a June 22 status hearing with a 30‑day exchange deadline.
A dispute over how to value a cluster of newly built apartments in the Wagon Wheel area dominated the board's mid‑day session on April 20.
The applicant's counsel asked the board to confirm that prior negotiations and stipulations for two sister parcels had established the cost approach as the controlling method for related appeals. The applicant said it had submitted an extensive cost‑based exchange and stressed continuity with prior settlements; counsel said the firm had presented "over $66 million in verified contracts" to support the cost‑based valuation.
The assessor's rebuttal argued the…
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