Oklahoma County Board of Equalization applies $300,000 tenant credit, sets parcel values for NW 63rd and May shopping center

The Oklahoma County Board of Equalization on June 23 set fair‑market values for four parcels in a shopping-center complex at Northwest 63rd Street and May Avenue after parties agreed to apply a $300,000 tenant‑improvement credit against the overall sale price.

Chair Elanor Thomasson opened the special appellate hearing and told parties the board’s role was to determine fair market value — “what a willing buyer and seller could agree upon” — and not to resolve tax bills. Property representatives said the closing included a $300,000 credit for PetSmart as a tenant‑improvement allowance; the assessor said the office had reduced the overall valuation to reflect the sale documented in the county’s doc stamps but had not received a closing statement showing the credit.

Why it matters: the board’s parcel valuations are used to calculate county property assessments. The parties and the board agreed to treat the four addresses as one economic unit for allocation, then divide the agreed credit across the four accounts rather than applying it to a single parcel.

During the hearing, the property representative described the owner’s valuation method: using in‑place rents, square footage and internal capitalization rates to allocate the purchase price across the retail, fast‑food and sit‑down restaurant spaces. The assessor explained the office had reexamined the property this year and lowered the county’s total valuation to match the sale price documented on the deed records.

The parties agreed to reduce the documented sale/valuation from $10,250,000 to $9,950,000 to reflect the $300,000 credit. By dividing that credit evenly, the board applied a $75,000 reduction to each account before setting parcel values.

Votes at a glance: by voice vote the board set the following fair‑market values by motion:
- BOE number 134: $2,913,129 (value adjusted after $75,000 allocation)
- BOE number 135: $4,779,000
- BOE number 136 (Chick‑fil‑A parcel): $1,263,200
- BOE number 137 (sit‑down/Italian restaurant): $994,700

The transcript records a second and a voice vote for each motion; individual roll‑call votes and mover names were not recorded in the hearing transcript. Chair Thomasson asked the property representatives to provide the closing statement if available; the assessor indicated the office would review that documentation as part of the file.

"We received a $300,000 closing price," the property representative said while describing the credit; the assessor summarized the change this way: "Because of the sale price," explaining why the office adjusted the value.

The board closed the hearing and said a written decision and notice would be mailed to the parties later in the week, with the formal decision date recorded as the next business day following the meeting.