Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Valuation topic
No spam. Unsubscribe anytime.
Board of Equalization reduces Keystone Investments valuation after owner’s testimony
Summary
At a July 14, 2026 Lincoln County Board of Equalization hearing, property owner Greg Renner presented photos and testimony about demolition and incomplete rebuilding of a barn-style residence; the board voted to set the parcel’s total 2026 valuation at $183,005.09 after staff adjusted percent-complete to 45%.
The Lincoln County Board of Equalization on July 14, 2026 voted to lower the assessed value for a Keystone Investments LLC parcel after the owner, Greg Renner, described extensive demolition and only partial rebuilding of a large pole/“barndominium” structure.
Renner told the board the property’s center core had been torn down and much of the building remains unfinished: “There’s no rough in, no heating and air, no insulation, no drywall,” he said, and added that the property currently produces no rental income. He said delays in completing the envelope—long lead times for windows and storm interruptions—kept the structure from being wired and finished, and estimated he had spent roughly $90,000 including demolition and partial reconstruction.
Charity Farley, an appraisal staffer with the assessor’s office, said the office adjusted the percent-complete and itemized the building as a post-frame structure priced at lower post-frame rates; she told the board she changed the percent-complete for the addition to 41% and placed a small percent (5%) on the original main building to reflect remaining electrical work. “I did price it as post frame, not studs,” Farley said, noting the assessor’s worksheet and photos guided the recommendation.
Board members focused on the percentage-of-completion calculation, which drives how much of the building’s replacement cost is included in the assessment. After discussion about interior finishes that remain to be installed and differing estimates from the owner and staff, the board directed the assessor’s office to use 45% complete for the improvements on the parcel. Chair (presiding) moved that the land be set at $50,003.75 and the improvements at $133,222, for a total assessed value of $183,005.09; the motion was seconded and carried by the commissioners present.
Why it matters: The board’s decision reduces the immediate property-tax burden on the owner for 2026 and illustrates how percent-complete and condition adjustments—supported by photos and on-site verification—can materially change assessed values when redevelopment is unfinished. The case also highlights recurring valuation issues for hybrid shop-home structures (often called ‘barndominiums’), where high-bay shop space and living areas use different cost rates.
What’s next: The board adopted the reduction based on testimony and the assessor’s revised worksheet; the owner may return in future years after final completion for a reassessment at full finished value if additional work is completed.
