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Owner disputes 34th Street warehouse valuation; board to decide after Thursday meeting
Summary
The owner of a newly built 34th Street warehouse told the Oklahoma County Board of Equalization the building has been 100% vacant and asked for a $2.0 million valuation; the assessor defended a cost-based value near $2.7 million and the board deferred a final ruling to Thursday.
A hearing on June 1 addressed the valuation of a recently built warehouse on 34th Street. The petitioner said the building—constructed in 2024—has been advertised widely but remains vacant and asked the board to set the fair-market value at $2.0 million. The owner provided the contractor's construction costs and marketing records and said the assessor’s original higher valuation overstated likely market income.
The owner argued the property was built for substantially less than the assessor’s initial figure and emphasized that projected rents were not being realized. “It has been 100% vacant since it was built despite being advertised on several platforms,” the owner said in testimony.
The assessor explained the cost approach, including soft costs and an entrepreneurial profit typically applied when using a cost-based method. The assessor said a cost-based Marshall & Swift calculation supported a building value in the neighborhood of $2.7 million on the agency’s books and clarified how loan and bid figures were incorporated into the analysis.
Because parties disputed the appropriate approach and the board requested additional review, the hearing record was left open and the board said it will meet Thursday to issue its decision.
