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Appellant asks South Burlington BCA to cut Walgreens assessment to $4.35M, cites unusable second floor
Summary
Appellant counsel Jacqueline Troisi told the South Burlington Board of Civil Authority that the Walgreens at 514 Farrell Street should be valued lower because about 10,000 of the 26,000 sq ft second floor is inaccessible for retail and market-income analysis supports a lower value; appellant requested an assessed value of $4,352,316 and the board scheduled an inspection.
The South Burlington Board of Civil Authority heard an appeal of the 2024 assessment for the Walgreens at 514 Farrell Street on Sept. 12. Appellant representatives said the town’s assessment of $5,328,000 overstates the property’s fair market value and requested an assessed value of $4,352,316 after applying the town’s CLA.
"The assessed value for the 24 year is 5,328,000," appellate counsel Jacqueline Troisi told the board, then outlined the appellant’s market- and income-based analyses and a primary comparable sale in Taunton, Massachusetts. Troisi said the building’s listed 26,000 square feet includes roughly 10,000 square feet on a second floor that is only accessible through a back staircase and is not usable for retail, so the appellant applied lower rental assumptions to that area.
Appellant witness Bruce (the named appellant) and counsel argued applying South Burlington’s common level of appraisal (CLA) to the appellant’s market-value conclusion yields the requested assessed figure. Troisi put the requested assessed amount on the record: "Our requested assessed value would be exactly $4,352,316." The appellant asked the board to compare that requested assessed amount directly to the city’s property card so both sides could be compared "apples-to-apples."
Board members asked follow-up questions about the Taunton comparable and whether the appellant was relying on a sales approach or an income-capitalization approach. Troisi confirmed the appellant favors an income approach that treats nonretail second-floor space differently.
The board did not make a decision at the session; it appointed an inspection team and scheduled an inspection and a reconvened hearing to receive the inspection report. The case will return to the BCA after on-site inspection and a written deliberation report.
