Oklahoma County Board of Equalization sets fair‑market value for Sunset Plaza property at $3 million

The Oklahoma County Board of Equalization voted to set the fair‑market value of the property at 6767 Sunset Plaza at $3,000,000 after a hearing on vacancy, unfinished interior space and income projections.

The decision followed an assessor presentation that recalculated income using a lease‑up assumption for the high vacancy and produced a valuation near $3.557 million. Assessor staff said they ‘‘reworked the income for this with using a lease up for the high vacancy. And that gave me a value of 3,557,000,’’ a figure the board ultimately reduced in the motion it adopted.

Why it matters: The Board’s value establishes the taxable fair‑market value the county will use for this assessment year, affecting the owner’s tax liability unless the board later amends the decision on appeal.

Details of the hearing: The property representative described long vacancy, an unfinished second floor and a tenant mix that has included short‑lived occupants. County staff showed photos of unfinished interiors and argued that a lease‑up projection is the appropriate method when a building is largely vacant but market rehabilitation prospects exist. At the hearing the assessor noted nearby sales and a square‑foot approach but emphasized that the lease‑up income method better reflected realistic recovery under current market conditions.

Board action: A board member moved to set the fair‑market value at $3,000,000; the motion was seconded and approved by voice vote. The board gave the parties a reminder that written notice of the decision will be mailed.

What’s next: The owner will receive the board’s written decision by mail; if the owner disagrees, further appeal options are available under county procedures.