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Board sustains assessor valuation for JPMorgan Chase branch after appraisal debate
Summary
JPMorgan Chase filed an appraisal valuing its East Moreland branch lower than the assessment; the board reviewed appraiser and assessor testimony about square footage and basement inclusion and sustained the assessor’s valuation.
JPMorgan Chase’s attorney, Kevin Hines, presented an appraisal on July 11 that valued a bank branch on East Moreland Boulevard at roughly $1.45 million and questioned whether finished basement area had been included in the assessor’s gross building area. The assessor explained differences in building area records and that finished basement area is sometimes included in the municipal roll. The board asked about finished‑basement utility and rentable value and whether appraisers typically include basements in gross building area.
After questions and discussion the board concluded the assessor’s sales comparables and methodology were sufficient to sustain the current assessment and voted to keep the valuation as set by the assessor. The board advised the parties on appeal rights and the clerk will issue written findings.
