Kohl's store owners appeal Clay County assessments; one prior State Tax Commission ruling cited

County valuation staff reviewed appealed assessments for two Kohl’s department store buildings in Clay County and presented sales and income‑approach data the county used to set values.
Grant Knopf of the Clay County assessor’s office said the property at 8500 North Madison Avenue is an 80,084 square‑foot single‑tenant retail store built in 1997 in the Twin Creek Shopping Center; the county’s packet shows a sale on Sept. 23, 2022, for $9,746,415 (about $121 per square foot) and the assessor’s current book value at approximately $8,008,400. Knopf presented CoStar sales and other retail comparables to support the county’s valuation.
Knopf also described a separate Kohl’s at 8540 North Church Road (87,925 square feet, built in 2003) and said the tenant had appealed this property previously; he told the panel the State Tax Commission “affirmed the county value” in 2023 for that store and that the county adjusted vacancy and cap‑rate inputs since the last cycle.
The county said it used the income approach for these retail properties and supplied sales comparables including other former department‑store buildings and portfolio sales reported in CoStar. Participants complimented county staff on the preparation of the hearing materials; no immediate decision was announced and the panel said it will notify parties after it reviews the record.

Discussion (what was debated)
- County presented sale data and income‑approach calculations supporting current assessment levels and cited prior administrative decisions for context.
- Appellant raised questions about comparability across markets and whether portfolio sales or allocated prices should be used to value an individual store.

Direction / next steps
- The panel will consider the evidence and notify appellants of its decision; no formal vote or change was made at the hearing.

Ending
- Panel closed the item after comments and said written notice of the decision will be sent to the parties.