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Board lowers assessment for Highland South multifamily complex after owner cites Section 42 restrictions
Summary
The Board of Review found the owner presented sufficient evidence that a low‑income housing land‑use restriction (Section 42) made an income approach appropriate and set a new assessment of $4.8 million for the subject property.
At the July 11 session Matthew Sellers represented Highland South and argued a Section 42 land‑use restriction (rent subsidy/low‑income covenant) limited market comparables and required an income approach. The assessor acknowledged the restriction had not been previously recorded in the assessment file and explained the office’s standard adjustments for subsidized properties.
After reviewing the rent roll and income/expense data and discussing capitalization rates and expense allowances the board concluded the owner provided sufficient evidence to rebut the presumption of correctness and set the full value at $4,800,000 (land $696,600; improvements $4,103,400). The board recorded a roll call vote approving the adjustment and said it would mail the written BOR determination to the owner and agent.
