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Board denies Clearview Realty's 2025 abatement after questioning income approach
Summary
The board denied Clearview Realty Ventures LLC's 2025 abatement request for an inn and spa on Opechee Bay, citing significant analyst adjustments to reported Net Operating Income (stabilized NOI $475,425) and periods with no rental income; denial was unanimous.
Clearview Realty Ventures LLC sought a 2025 abatement for its inn and spa located on 11.11 acres with 1,256 feet of frontage on Opechee Bay (Lake Opechee). The applicant submitted an income approach that averaged Net Operating Income (NOI) for 2018–2024 at $475,425 and used an analyst-estimated capitalization rate of 0.1116 to derive a market value estimate of roughly $4,123,900.
Board members questioned the analyst's significant adjustments, including recognition that substantial parts of the building reported no rental income while being used by the owners. Given those adjustments and the absence of reported income for significant areas of the building, the board voted to deny the abatement request on a motion by Karen Mudgett, seconded by Jim Rice. The minutes record the motion carried unanimously.
The local assessed value for 2025 remains $7,545,600 as recorded in the minutes.
