Board of Equalization stands by Walmart assessment
February 15, 2018
A representative from Walmart headquarters argued the tax valuation for the store located on Topsy Way should be reduced on Wednesday.
Listing issues such as the declining market for big box properties, record number of retail closures and a lack of confidence in the commercial real estate market, the store sought a $3.6 million reduction in its taxable value.
Assessor Doug Sonnemann said the Board of Equalization on Wednesday declined to approve the request.
The real tell is the increase in retail e-commerce sale over the past 10 years, which went from 3.5 to roughly 9 percent.
The Walmart representative cited the empty Kmart building in Carson City as an example of commercial retail space that continues to languish.
That property has been on the market for years with an asking price of $4.35 million.
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In the appeal Walmart store officials said they believe the building is worth $5.899 million, less than the $9.46 million assessed by the county.
At 35 percent of taxable valuation, the store would be reappraised at $3.52 million, saving the owners $1.2 million a year.
The Grant Avenue Walmart building is valued at $8.85 million with an assessed valuation of $3.1 million.
Wal-Mart Real Estate Business Trust is the eighth largest property holder in Douglas County with a total assessed value of $10.49 million. The Walmart tax appeal was one of only two submitted to the Douglas County Board of Equalization.