Board affirms Arlington Village retail assessment after appellant cites lower 2025 NOI

Ms. Murray, the appellant in the case for Arlington Village at 2508 Columbia Pike, told the Board of Equalization that the county’s revised assessment overstates the property’s income. "The $7.7 million value reflects a 6% increase despite the property’s actual NOI decreasing nearly 5% year over year," she said, noting the assessor’s revised effective gross income (EGI) projection was roughly 3% above the property’s actual year‑end 2025 results.

Mallory Roskin, speaking for the county, said staff inspected the property and projected January 1, 2026 values from the 2025 rent roll, applying a standard 3% projection and a 10% stabilized vacancy rate. Roskin acknowledged a 2025 water‑main break raised utilities in that year but said the historical record and the office’s adjustments supported the assessed value. "We still believe that the original January 1 assessment of $7,691,500 is reasonable," she told the board.

Board members questioned both sides about lease expirations, renewal timing and the treatment of atypical 2025 expenses. Several members said they did not see evidence that NOI would remain lower than earlier years. Mr. Pennell said he did not "see where the big drop is," and other members agreed the county’s historic performance data supported confirmation.

After deliberation a motion to confirm the county’s assessed value at $7,691,500 (column D) was moved, seconded by Mr. Pendergraft and approved by the board. The Board of Equalization recorded no opposing votes on the motion.

The board’s action confirmed the county’s January 1, 2026 assessed value; no further procedural steps were recorded on this item at the hearing.