Oklahoma County Board of Equalization settles two valuation appeals, defers one

The Oklahoma County Board of Equalization on June 1 heard valuation appeals for multiple properties, reached mutual-agreement values on two cases and deferred a third for later decision.

The board, called to order at 9:31 a.m. by Elanor Thompson, opened a sequence of appeal hearings. At the outset Thompson explained the board is an appellate body that decides fair market value as of the tax-year valuation date and that decisions will be mailed to appellants after the board meets on Thursday.

In BOE 165 (612 Northeast 14th, Lincoln Terrace), appellant Laura Stone told the board she demolished and rebuilt a detached garage and that the upstairs portion is not yet a livable apartment. Stone said she purchased materials and work totaling about $120,000 so far and argued assessor comparables overstated value because many comps included remodeled interiors she does not have. Assessor staff examined the property and asked whether the upstairs was livable as of Dec. 31 (the valuation date); if not, staff said that portion could be recorded as "under construction" and not fully valued yet. Assessor recalculated the value excluding the unfinished apartment and reported $424,420. By mutual agreement the board and Stone settled on a fair market value of $420,000, contingent on the appellant providing dated before-and-after photos to the assessor and leaving the upstairs recorded as under-construction until final inspection. "If you can provide the pictures of the interior for me so I can upload that and then we'll put your value at 420," the assessor's representative told Stone during the hearing.

At BOE 156, owners of a large office building near North Meridian argued heavy vacancy — roughly 80% vacant for several years — and negative operating income justify a lower value. The owners' representative presented an income and lease-up pro forma that applied an asking rent assumption, market vacancy, lease-up costs and a $70-per-square-foot tenant-improvement (TI) allowance, and used a 20% entrepreneurial adjuster on lease-up costs to produce a rounded valuation near $2.3 million. The assessor's representative said many inputs were reasonable but questioned the use of a 20% entrepreneurial profit on a lease-up and tested alternate TI assumptions ($45–$55 per sq ft) and Marshall & Swift cost checks. After negotiations and recalculations the parties converged and the board moved to set the fair market value at $2,940,500; the motion was seconded and approved. "When you look at the comps and lease-up, we could go to $3 million for the subject property," the assessor's representative said; the parties ultimately agreed on the $2,940,500 figure.

A third matter, BOE 157 (34th Street Warehouse), involved a 2024-built storage warehouse the owner said has been 100% vacant and was built with minimal interior finishes. The owner provided contractor documents listing an original construction cost near $1.5 million and disputed assessor statements that loan or not-yet-spent figures should be counted toward value. The assessor presented a Marshall & Swift and cost-based analysis that produced a building value near $2.7 million (about $73 per sq ft for the structure). The board closed the hearing on 157 and deferred a final decision so it could review submitted documentation; no final assessed value was recorded on the transcript.

Procedural business included a motion to approve the May 26 and 27 minutes at the meeting start. The board said it will make written decisions and notify appellants by mail after reconvening on Thursday.

What happens next: the board will meet Thursday to render formal decisions and will notify appellants by mail; appellants were instructed to submit dated photographic evidence if they wish the board to consider construction-status claims tied to the Jan. 1 valuation date.

Sources: June 1, 2026 Oklahoma County Board of Equalization special meeting transcript and on-record statements by appellants and assessor staff.