On August 22, 2025, the Clay County Board of Equalization convened to discuss property assessments, with a significant focus on the Antioch Community Apartments, a senior living facility comprising 96 units. The meeting highlighted discrepancies between the county's appraised values and recent market appraisals, raising concerns about the accuracy of property valuations in the area.

Mike Jacoby, representing the property, presented a detailed analysis of the Antioch Community Apartments, which had an original sale price of approximately $11 million in 2015. The property was recently appraised at $13.5 million, translating to about $140,625 per unit. In contrast, the county's assessment valued the units at $145,009.69 each, which Jacoby argued was below the market value indicated by the recent appraisal.

Jacoby referenced a comprehensive set of sales comparisons from the Kansas City metro area, noting that the average cap rate for similar properties was around 4.8%, with some appraisals indicating values as high as $152,900 per unit. He emphasized that the county's current valuation was significantly lower than the appraised value, suggesting that the county's figures were not reflective of the actual market conditions.

The discussion also touched on the methodology used for determining property values, with Jacoby questioning the fairness of the county's assessment process. He argued that the county had not provided adequate information for property owners to contest their assessments effectively, suggesting that the board should consider a "no change" decision to allow for further review.

The meeting underscored the ongoing challenges faced by property owners in navigating the assessment process, particularly in light of fluctuating market conditions and the need for transparency in valuation practices. As the board deliberates on these assessments, the implications for property taxes and community funding remain a critical concern for residents and stakeholders in Clay County.

The board's next steps will likely involve further examination of the assessment methodologies and potential adjustments to ensure that property valuations align more closely with current market realities.