A representative for the owner of the Landing at Briarcliff told Clay County appraisal staff the property's income and market capitalization justify a lower assessment than the county assigned.

The taxpayer representative said the two‑parcel property (340 units) produced a net operating income (NOI) in recent years of just over $4 million and used a base capitalization rate of 5.75% (overall rate ~7.3%) to reach a concluded value of about $69.6 million. "We're using 5.75. We think that's fair, with what the market's doing," the representative said.

Clay County assessment staff, represented by Mike Jacoby, disputed that approach and cited a packet of sales and appraisals showing higher per‑unit values and lower cap rates in the Kansas City metro for class A and B properties. Jacoby told the board the county's calculation put the property at roughly $67 million and that, based on a broader set of appraisals and sale‑by‑unit calculations, the county's assessment was still conservative compared with those comparables.

The core differences the parties raised included: (1) which NOI figure to use — the taxpayer relied on recent stabilized operating statements and a rent roll while the county used mass‑appraisal inputs and trip/tracking data; (2) the appropriate cap rate — the county relied on several sales and a higher loaded cap rate in its mass‑appraisal work, and the taxpayer cited recent market cap‑rate studies (Newmark, Integra) supporting a lower base rate; and (3) classification of comps — the county cited a broader set of class A/B appraisals and argued the taxpayer had cherry‑picked older or less comparable sales.

Both sides contested line items such as vacancy assumptions, collection loss, and whether the county's model overstated potential gross income. Neither side proposed a final settlement at the hearing; the county said it would follow up with a decision.

The dispute highlights the two common approaches to valuation in appeals hearings: owner representatives emphasizing a property‑specific income approach with stabilized financials, and county staff using mass appraisal and market comparables to ensure parity across similar parcels.