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Owners of new duplex secure $520,000 valuation after marketing attempts failed
Summary
Owners of a November 2024 duplex on West Park Place told the board they could not sell at asking prices despite marketing; the assessor and owners agreed to set the parcel’s fair‑market value for the tax year at $520,000.
The Oklahoma County Board of Equalization set the fair‑market value of a newly built duplex in the Kakar Rico Village area at $520,000 on May 4 after the owners presented marketing evidence showing they could not sell at higher prices.
Partners Harrison and Daniel said they purchased the lot in 2023, completed the duplex in November 2024 and initially had a preconstruction appraisal around $620,000. They described an MLS listing strategy in 2025 with multiple price reductions and said neighborhood conditions — including proximity to a church that serves people experiencing homelessness — depressed buyer interest and forced them to lower expectations.
Assessor staff reviewed the sales data and said comps nearby are sparse and often several miles away; given the owner’s appraisal and local sales limitations, the assessor recommended honoring the owner appraisal for this tax year. The board accepted that recommendation and set the property at $520,000 by mutual consent, noting that future sales data could alter future valuations.
