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Representative cites $875,000 sale in motel valuation appeal; assessor recommends condition and depreciation changes
Summary
A representative for Jay Ranchod LLC asked the Board of Equalization to reassess a motel property based on a recent sale for $875,000; County Assessor Michele Bartlett recommended no change to land value but recommended changing the motel's condition from 'good' to 'average' and increasing depreciation to 76.7%.
Peter J. McLaughlin appeared on behalf of Jay Ranchod LLC and told the board the property was recently sold to his client for $875,000 and asked that the property's valuation be reassessed in light of that sale. "McLaughlin is requesting the value reassessed based on the recent sale of the property to his client for $875,000," the minutes record.
County Assessor Michele Bartlett recommended no change in the land value or site improvements. Bartlett recommended adjusting only the building condition and the depreciation: change the motel condition from 'good' to 'average' and increase the depreciation entry on the county form from 42.3% to 76.7%. The board took the testimony and will consider the assessor's recommendation at its July 21 meeting.
