Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Multifamily Portfolio topic
No spam. Unsubscribe anytime.
Owners ask board to align Shepherd Court apartment assessments with lower Longview per‑unit level; board sustains assessor
Summary
Representatives for a cluster of Shepherd Court apartment LLCs told the board their rents and amenities differ from comparables used by the assessor and asked for per‑unit parity with a lower‑assessed Longview property; the board relied on CoStar and county comparables and sustained the assessor's valuations for the Shepherd properties.
Representatives for several Shepherd Court LLCs argued that multiple apartment buildings in their complex should be assessed at a lower per‑unit value similar to two newer Longview buildings in their ownership group. They said their buildings lack many amenities, have unit rents near $1,100 on average and that the assessor's comparables included higher‑amenity properties and outlying communities.
Assessor Laurie Swornen presented a price‑per‑unit analysis for 24+‑unit complexes using CoStar and county sales; she said the assessor's market approach, triangulated with an income check, placed the Shepherd parcels near $153,000–$161,000 per unit and that those sales supported the roll valuations. The assessor also said Longview's lower per‑unit figure would be investigated as a potential anomaly, but the board cannot use another assessed value as proof of market value.
After deliberation, the board said the assessor's comparable sales and CoStar market evidence were the most credible items in the hearing record and voted to sustain the assessor valuations for the Shepherd group of properties. The board reminded owners of appeal options and said staff would review any documented anomalies.
