Board trims Village Square apartment assessment to $15 million after debate over cap rates The Union County Board cut the assessed value of Village Square Apartments from the countys $16,015,150 to $15,000,000 after hearing competing income-based valuations. The owners appraiser presented a lower income-capitalization analysis; county staff defended their loaded cap-rate model and local sale comparables.

The Union County Board has slashed the assessed value of Village Square Apartments to $15 million after a heated debate over capitalization rates and market comparables.

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