Wednesday, May 18, 2011

Kay County Courthouse

Newkirk, OK 74647


The Kay County Equalization Board met in special session on Wednesday, May 18, 2011,

2:00 o’clock p.m. in the Commissioners Court of the Kay County Courthouse in Newkirk, Oklahoma.   Notice of the meeting was posted on May 16, 2011, at the Courthouse front door, Commissioners Court, and basement handicapped entrance of the Kay County Courthouse in Newkirk, Oklahoma.


Chairman J. C. Estes called the meeting to order.  Those present were as follows:  Joe R. Cary, Vice-Chairman; Carol Purdy, Kay County Assessor; Ron Colberg and Perry Ford, Assessor Office; Daniel Shepherd, Property Tax Services, Inc.; Tammy Reese, Secretary/Kay County Clerk (see sign-in sheet).  J. B. Smith, Member, was absent.


Motion was made by Cary and seconded by Estes approving regular meeting minutes of April 1, 2011.   Motion carried:  Cary, aye; Estes, aye.


Formal Appeal hearings were heard as follows:


Mr. Daniel Shepherd, Property Tax Services, Inc., the Agent representing Copper Ridge Apartments, LP, Willow Creek Villas, LP and Willow Creek Phase II provided three years of actual to the board.  Shepherd said an income analysis was made to arrive at value he wanted considered.  He said he wanted the Assessor to use the same approach.  Shepherd discussed Section 42 Tax Credit Law.  He said mainly he wanted to know how this property was valued and the basis of that decision.


Ron Colberg, Assessor’s office, told Shepherd and board the cost analysis is used in determining the valuation.  Colberg said the Assessor’s office has gone to court twice regarding this matter and the court both times said the cost approach overrides the income approach.  He told board approximately $200,000.00 (all three apartments) has been lowered on their valuation each year.  Colberg said he uses the Oklahoma Tax Commission’s depreciation tables to factor the figure.  He also noted that in December 2010 the apartments were 100% occupied.


Formal Appeal packets were given to the board by Daniel Shepherd and the Carol Purdy, Kay County Assessor that included detailed information regarding the assessments.


Chairman Estes said the board would like time to further review the informational packets before making their final decision before the end of the month.


Motion was made by Cary and seconded by Estes to adjourn at 1:45 p.m.  Motion carried:  Cary, aye; Estes, aye.






Approved this_____day of___________________, 2011.




                                                                        J. C. ESTES, CHAIRMAN






                                                                        J. B. SMITH, MEMBER