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Board accepts mutual agreement to set value at $420,000 for Lincoln Terrace home
Summary
Laura Stone persuaded the board to set the fair market value for 612 NE 14th at $420,000 by mutual agreement after assessor recalculated the figure removing an unfinished apartment structure; the owner will supply dated interior photos to confirm the unit was not livable on Dec. 31.
Laura Stone and the Oklahoma County Board of Equalization reached a mutual agreement on June 1 to set the fair market value of a Lincoln Terrace property (612 NE 14th, BOE #165) at $420,000.
Stone described a demolition and rebuild of a garage that created attic space not yet finished as a livable apartment; the assessor initially valued the property at $483,000. Stone told the board the garage demolition and rebuild increased footprint but most interior living areas remained unremodeled, and she submitted realtor feedback that interior remodels on comparable homes made direct comparisons difficult.
The assessor recalculated the valuation excluding the unfinished apartment portion and reported a recalculated figure near $424,420. After discussion the owner requested $420,000 and the assessor said the value could be set at that level by agreement if Stone supplied dated interior photos showing the apartment was not livable on Dec. 31. "So, we can do this by agreement," the assessor said; the board recorded a motion and second to set the valuation at $420,000 by mutual agreement.
The board directed the owner to provide the dated photos and indicated the county would keep the upstairs structure categorized as "under construction" until final completion and permit confirmation.
