Cleveland County Equalization Board Special Meeting — July 17, 2026

The Cleveland County Equalization Board met in special session on Friday, July 17, 2026, at 10:00 a.m. in Suite 200 of the Cleveland County Office Building, 201 South Jones, Norman, Oklahoma. The agenda was properly posted on July 14, 2026. Chairman Chuck R. Thompson presided; Josh Edge (Vice-Chairman) and John Wullich (Member) were present. The board approved the July 10, 2026, minutes and heard four formal assessment appeals. No public comments were offered.

Approval of Minutes

• The board unanimously approved the minutes of the July 10, 2026, Equalization Board meeting.

Item 2 — JC Residential & Light Commercial LLC (5005 York Drive, Norman)

• Agent Todd Barron of Barron Corporate Tax Solutions announced the parties had agreed on a value. The board unanimously approved a fair cash value of $44,000,000 for account #158596 for tax year 2026.

Item 3 — The Icon at Norman Apartments, LP (6475 36th Avenue NW, Norman)

• Agent Wyatt D. Swinford requested a reduction from the Assessor’s Office value of $42,500,000. He argued the statutorily capped taxable value should be approximately $22,410,775, reflecting a 5% annual increase from the value set by the Oklahoma Supreme Court in 2023. He also argued the fair market value should be $26,600,000, based on an income approach using net operating income of about $2,239,000, a 7% base cap rate loaded with a 1.41% effective property tax rate to 8.4%, and a CoStar-derived cap-rate analysis.
• The Assessor’s Office representative said it considers the 2022 partnership exit a sale, disputed the taxpayer’s reduction, and noted pending litigation involving the market value and taxable value for prior years. The Assessor’s Office did not provide supporting sales or appraisal documents at the meeting.
• After discussion, the board tabled the appeal until the July 31, 2026, Equalization Board meeting at 10:00 a.m. to allow the pending litigation to develop and to permit the exchange of appraisal and sale information. The motion carried unanimously.

Item 4 — Lyons Estates 669 LLC (215 N Eastern Avenue, Moore)

• Agent Swinford described the property as a 92-unit low-income housing tax credit senior community subject to a 30-year land use restriction agreement. It sold in 2024 for $5,017,000. The taxpayer’s income approach, using actual income and expenses, an 8% base cap rate, and a 1.47% property tax load (9.47% overall), produced a value of approximately $4,760,000.
• The Assessor’s Office representative noted the property was not in litigation, used an 8.5% cap rate, and had difficulty reconciling the income due to fluctuating rents and a 25% combined vacancy/collection loss-to-lease figure. The Assessor’s Office supported a higher value near its assessed value of roughly $5.64 million.
• The board set the fair cash value at $5,200,000 on a motion seconded by John Wullich; the motion passed unanimously.

Item 5 — AG Aim OK RE Holdings, LLC (146 SW 134th Street, Oklahoma City)

• Agent Swinford requested a reduction from the Assessor’s Office valuation of approximately $1,785,208 ($280 per square foot) to $1,400,000. The property is a single-tenant medical/rehabilitation office of about 6,375 square feet. The taxpayer relied on equity comps averaging $223 per square foot, an income approach indicating about $1,365,000, and CoStar sales comps averaging $201 per square foot with a highest observed sale of $218 per square foot.
• The Assessor’s Office representative valued the property using a sales approach of about $274.50 per square foot and an income approach of about $262 per square foot, relying on comparable sales including a nearby property that sold at $353 per square foot.
• After discussion, the board amended the value to $1,681,756, based on the county’s sales comps after striking the highest and lowest values. The motion passed unanimously.

Key Outcomes

• Approved minutes of July 10, 2026.
• Item 2: Set fair cash value at $44,000,000 (unanimous).
• Item 3: Tabled to July 31, 2026, at 10:00 a.m. (unanimous).
• Item 4: Set fair cash value at $5,200,000 (unanimous).
• Item 5: Set fair cash value at $1,681,756 (unanimous).
• Adjourned after board member statements; no public comment was offered.