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Tax office recommends against splitting Lakeshore Drive neighborhood into separate valuation district
Summary
County staff told the BOER that the existing base land-value differentials (lakefront $1.9M vs non-lakefront $435K) already reflect the premium for Lakeshore Drive properties and recommended not splitting NBC 7492; the BOER recorded the review as information only.
Deputy Tax Assessor Chad Phillips presented a data-driven review of NBC 7492 and considered whether Lakeshore Drive should be split into a distinct neighborhood for valuation purposes. Staff findings: of 38 lakeshore properties (excluding association parcels), the average lot size is 0.8 acre, the base land value for these parcels is $1,900,000, and most are improved with an average building value of $711,160. By contrast, the remaining portion of NBC 7492 (410 properties) has an average land value of $492,050 and a base land value of $435,000.
Chad Phillips summarized the staff recommendation: "It would be the position of the Tax Office, that the base land value set on lakefront properties at $1,900,000 compared to the base land value of $435,000 for non-lakefront properties sufficiently takes into consideration the premium that should be applied to being lakefront and our office would recommend not splitting Lakeshore Drive into its own neighborhood." The BOER recorded this as an information item and did not make a motion to split the neighborhood.
