Board grants Myers Storage assessment appeal, sets value at $700,000 and schedules findings hearing

The Lake County Board of Supervisors acting as the Board of Equalization voted 3–2 to grant assessment appeal application 15‑2024 from Myers Storage LLC and set the property’s full cash value at $700,000. The board directed staff to prepare findings of fact and continued the appeal to a date‑certain (May 12 at 2:00 p.m.) for consideration of those findings.

The hearing record showed competing valuations: the appellant urged the board to adopt the 2019 purchase price of $700,000; the assessor’s office presented updated appraisals and recalculations that produced an indicated value of $857,000 after applying an income approach, limited depreciation and a 20% entrepreneurial profit. Assessor staff said the office adjusted values as additional financing and rent information was provided during the appeal process.

Board members debated two central issues: whether the 2019 sale qualified as an arm’s‑length, open‑market transaction and the correct allowance for entrepreneurial profit. Supervisors noted examples from Board of Equalization guidance suggesting entrepreneurial profit estimates around 15%, while the assessor said it relied on a high‑end 20% figure given the project’s profit margins.

County counsel and counsel advising the board repeatedly cautioned that any value set by the board must be supported by evidence admitted into the record and, if the board departs from the parties’ submitted amounts, the board must cite the evidentiary basis for that divergence. Several supervisors said they did not see evidentiary support to select an intermediate figure and were constrained to choose among values supported in the record.

Members of the public and the appellant criticized the assessor’s changing valuations. Appellant representatives and supporters argued the $700,000 purchase was a fair market price and criticized repeated upward adjustments by the assessor. The assessor’s appraiser responded that earlier data gaps required recalculation when more documents were provided.

Supervisor Owen moved to grant the appeal and set value at $700,000; the motion carried on a 3–2 vote. The board then voted to continue the item to May 12 at 2:00 p.m. to consider prepared findings of fact, with staff directed to draft findings to support the board’s decision.

The board and counsel noted that if the appeal were denied, additional motions remain available to members; because the motion passed, staff will prepare the findings and the continuation will allow the board to finalize a written order.

Outcome summary: appeal granted; value set to $700,000; findings to be prepared and the matter continued to May 12, 2026 at 2:00 p.m.