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Self‑storage owner challenges value; board adjusts assessor expense ratio and lowers assessment
Summary
A self‑storage owner submitted annual financials and argued the assessor overstated value; the assessor applied a standard income model and expense-class rules; the board adjusted the expense assumption to 35% (from the assessor's model snap‑back) and set a new assessed value of $5,146,000.
The owner of a Class B, partly non‑climate‑controlled self‑storage facility presented three years of income statements showing revenue and expense variation; he requested a 2026 assessment based on his 2024 income and a 6.25% cap rate.
Assessor staff used the county income model and an expense-class framework that limits reliance on outlier stated expense ratios (the office applies a ‘‘snap‑back’’ to model expense ratios when a reported ratio departs substantially from the class norm). For this property that produced a modeled value of roughly $5.57 million.
Board members questioned whether a repeated higher expense ratio should automatically be forced back to the model. After deliberation the board compromised by accepting a 35% expense ratio for this property (higher than the assessor model default) and reduced the assessed value to $5,146,000. The board cited persistent higher expenses and occupancy patterns as justification for the adjustment while retaining the income-approach framework.
The assessor will update the roll to reflect the new number.
