BOE prorates 2025 sale across South Park Street parcels, accepts mixed revised values

Appellant Mr. Ashani (appearing for the buyer/owner) told the Arlington BOE that the four‑parcel property at 3550 South Park Street sold Sept. 16, 2025 for $21,625,000 after a marketed, multi‑bid process and that the sale should be the controlling indication of value. "We respectfully request that the assessment be done at the 21,625,000," he said, citing the purchase escrow and appraisal submitted with the appeal.

County appraiser Mr. Bines acknowledged the sale but explained the county's appraisal review used three valuation methods and relied on a discounted cash flow for final value; the fee appraiser deducted future tenant improvements, leasing commissions and applied a 25% entrepreneurial profit for the DCF stabilization discount. The county concluded a mass appraisal value of $26,724,400, noting the entrepreneurial profit deduction is not applied uniformly in mass appraisal practice.

Board members discussed the merits of the recent cash sale (10 bidders reported), the reasonableness of the county's TIs and stabilization assumptions, and how to distribute the sales price across the four parcels (one parcel was not appealed and remains at its assessed $6,800 value). The board agreed to prorate the sale price across the four parcels (subtracting the non‑appealed parcel) and voted on parcel‑level numbers: accepted the county's revised number for the garage (RPC ending in 569) at $4,147,200; reduced the main building (RPC ending in 567) to $11,281,000; and accepted the county's revised fitness center (RPC ending in 568) at $6,190,000. Together with the non‑appealed parcel value, the four parcels total the $21,625,000 sales price.

The BOE recorded individual parcel votes and confirmed the mathematical proration and entries for the 2026 roll. The board instructed staff/clerks to reflect the prorated allocation in the assessment records.