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Appellant disputes Arlington assessment for Camden Potomac Yards apartments; board upholds county value
Summary
Owner representative said rising operating expenses and a higher market cap rate justify a lower 2026 assessment for Camden Potomac Yards; county staff reconciled differences as capital expenditures and the board voted 4–1 to confirm the county’s January 1 value of $160,349,600.
An appellant representative, Mr. Price, asked the Arlington County Board of Equalization to lower the 2026 assessment for Camden Potomac Yards Apartments at 3535 South Ball Street, citing higher actual operating expenses and a requested change to the base capitalization rate.
"This is Camden Potomac Yards Apartments at 3535 South Ball Street," Mr. Price said, and he presented the property’s 2025 income statement showing apartment gross potential income of $11,252,959 and parking and other income figures. He argued operating expenses rose to just over $3 million in 2025 and requested the board adopt a 5.75% base cap rate and the calendar-year 2025 income and expense figures for the 2026 assessment.
County witness Miss Roskin responded that the county’s reconstruction of submitted financials showed the January 1 assessment was modestly higher than reported 2025 figures and that roughly $689,887 of items submitted as operating expenses had been identified as capital expenditures on the appellant’s internal statement. Roskin also said the county’s cap rates and income model were supported by local sales and explained the county’s January 1 assessment methodology.
Board members pressed both sides on the $500,000 apparent EGI discrepancy and the classification of roughly $690,000 in capital items. After deliberation the chair moved to confirm the county’s January 1, 2026 assessment at $160,349,600; the motion was seconded and passed 4–1.
Why it matters: The decision illustrates how classification of expenditures (capital vs. operating) and the choice of cap rate and income base year can materially affect assessed values for large mixed-use apartment properties, with direct consequences for both property tax revenue and taxpayer liability.
