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County appraisal defends $53.75M assessment for Courthouse Tower, cites higher 2025 income and model adjustments
Summary
County appraiser told the board that 2025 GPI/EGI exceeded projections used in the 2026 assessment, adjusted operating expenses and vacant area, and produced a test value of $54,071,000 that supports the original assessment of $53,752,600.
A county appraiser (introduced by the Chair as Mr. Vines) told the Board of Equalization that updated 2025 financials and rent-roll details support the county’s 2026 assessment for Courthouse Tower.
"The 2025 actuals for the GPI and EGI, were higher than the projections used for the 2026 assessment," Mr. Vines said, and noted the county excluded real estate and special assessment taxes from operating income. He described a test column showing occupied space increased by 8,520 square feet in 2025 and said operational expenses were adjusted to $10.80 per square foot from $10, producing a test value of $54,071,000 compared with the original $53,752,600.
Mr. Vines also detailed rental concessions on the rent roll, saying Space 500 carries a multi-year concession executed in October 2025 amounting to roughly a 4% annual concession on total rent and that base rental rates start at $45 with roughly 3% annual escalations going forward. He closed by saying the test and updated financials provided support for the original assessment and that no supplied information indicated a reduction was warranted.
The board weighed the county's adjustments and the appellant's claims during deliberations before confirming the county assessment.
