Boakye Twum-Donkor

The appellant appealed the 2021, 2022, and 2023 property assessments of a commercial retail store, arguing the current value assessment of $420,000 was too high and should be reduced to $357,000 with a further equity reduction to $332,000.

The Board rejected the respondent's valuation methodology of using assessed values to adjust time-adjusted sale prices.

Applying the direct comparison approach using two comparable sales, the Board determined the correct current value to be $376,000.

The Board declined to make a further equity reduction, finding the respondent's equity analysis demonstrated that similar properties in the vicinity were assessed at or near their current value.