Self‑storage owner challenges value; board adjusts assessor expense ratio and lowers assessment

The owner of a Class B, partly non‑climate‑controlled self‑storage facility presented three years of income statements showing revenue and expense variation; he requested a 2026 assessment based on his 2024 income and a 6.25% cap rate.

Assessor staff used the county income model and an expense-class framework that limits reliance on outlier stated expense ratios (the office applies a ‘‘snap‑back’’ to model expense ratios when a reported ratio departs substantially from the class norm). For this property that produced a modeled value of roughly $5.57 million.

Board members questioned whether a repeated higher expense ratio should automatically be forced back to the model. After deliberation the board compromised by accepting a 35% expense ratio for this property (higher than the assessor model default) and reduced the assessed value to $5,146,000. The board cited persistent higher expenses and occupancy patterns as justification for the adjustment while retaining the income-approach framework.

The assessor will update the roll to reflect the new number.