Oklahoma County BOE adopts $72.61 per‑sq‑ft income rate and approves values for roughly 70 properties

The Oklahoma County Board of Equalization on May 15 set a uniform, income‑based per‑square‑foot valuation of $72.61 for a block of contested properties and moved through roughly 70 agenda items, taking individual motions to set each property’s fair market value.

Chair Eleanor Thompson opened the special meeting at 9:30 a.m., confirmed the meeting was properly posted and said Rafael from the assessor’s office was present to assist. Early discussion focused on competing valuations: property owners proposed $64.28 per square foot while assessor office calculations produced a defensible income‑based figure of $72.61 (the assessor had noted a higher theoretical figure of $73.39). Board members weighed expense and cap‑rate assumptions — noting the assessor used roughly 43% operating expenses against a cited typical of about 38% and used a 3% reserve for new properties — and concluded the assessor’s $72.61 figure was the more defensible basis to apply across the contested items.

Following that decision, the board proceeded item by item through BOE 50–BOE 120. For each property the board entertained a motion, received a second and recorded vocal approval (“Aye”). The sequence set specific fair market values for each listed BOE number; most motions passed without extended debate.

The board’s approach followed an inverted, consistent application of the income method across the block of appeals. Members repeatedly noted where taxpayer submissions relied on unusually high expense assumptions or lacked supporting income documentation; in those cases members said the assessor’s methodology was more consistent with available market backup.

The meeting concluded after the block of routine approvals and additional discussion and votes on larger contested parcels. The board adjourned after scheduling follow‑up and confirming remaining numbers.

Votes at a glance: the board moved and approved motions to set fair market values for the sequence of BOE items read during the meeting; the full list of items and the numeric values set appear in the meeting record.