The Outlet Shoppes at Oklahoma City protests value, requests court hearing
Owners of The Outlet Shoppes at Oklahoma City say the property is worth $53.7 million, $20 million less than Oklahoma County's original assessment.
Owners of The Outlet Shoppes at Oklahoma City are protesting the property value determined by the Oklahoma County Assessor's Office, which initially said the mall is worth $73.8 million.
After exhausting appeals with the assessor's office and the Oklahoma County Equalization Board, the owners filed a complaint in Oklahoma County District Court, asking the court to determine the mall's fair market value. Horizon Group Properties owns the outlet mall at Interstate 40 and Council Road.
Mall owners believe the mall is worth $53.7 million, the board of equalization said.
Larry Stein, chief deputy for the assessor's office, said the mall's value was determined by a sophisticated computer program that takes into account the property's income earning potential, location and square footage — even the class of retailers located there. When asked for a comparable property, he said there's nothing like it.