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Board trims Thomas Place Apartments assessment after debate over rising operating costs
Summary
After hearing competing analyses, the Arlington Board of Equalization reduced the 2026 assessment for Thomas Place Apartments (461 N. Thomas St.) to $16,914,800, adopting a 1% higher operating‑expense assumption that appellant and several board members said better reflected recent expense trends.
The Arlington County Board of Equalization voted to reduce the 2026 assessment on Thomas Place Apartments, located at 461 North Thomas Street, after considering competing appraisals over income and operating expenses.
Appellant representative Mr. Warren told the board the county's gross potential income (GPI) projection was higher than any GPI reported by the property in the past four years and that operating expenses have risen from roughly 30% in 2022 to 35.4% in 2025. "The county's gross potential income that they're estimating is higher than any gross potential income that's been reported at the subject property in any of the last four years," Warren said, arguing the county projects income upward while not applying equivalent increases to operating expenses.
County assessor representative Mr. Bines said the county relied on 2025 performance as a basis for its revision and raised projected expenses modestly in the revision column. "We do not believe that the maintenance and repair expenses will continue to increase by a 50 almost 50% year‑over‑year basis," Bines told the board, and recommended a revised assessment of $17,172,300.
Board members questioned both sides about the drivers of higher expenses — citing supply, contracting and insurance cost increases — and each member ran independent calculations. Mr. Yates said his model, applying a 1% increase to expenses, produced a value the board could support; he moved to reduce the assessment to $16,914,827 (the board recorded the confirmed assessment as $16,914,800). The motion carried with one member recorded as opposed.
The board's final action adopted a modest increase to the county's expense assumption rather than the larger changes appellant counsel recommended, and reduced the assessment to reflect the adjusted net operating income (NOI). The hearing record shows the decision was based on the appellant's operating‑expense trend data, the county's 2025 performance figures, and the board members' independent NOI calculations.
Next steps: The assessment change was finalized at the hearing; no further action on this case was announced.
