State to rule on East Ward Village valuation

McCOOK, Neb -- Red Willow County and the State of Nebraska's Tax Equalization and Review Commission will determine at a hearing in June the tax valuation of "East Ward Village" properties in McCook.

East Ward Village LLC is a former elementary school building converted to 15 senior housing apartments in the 500 block of East 5th Street and 12 new-construction senior housing duplex apartments and garages in the 500 block of East Sixth.

With the help of an outside appraiser, the county assessor's office had originally set the tax valuation of the school building at $673,313, and the new construction at $1,162,800. Those figures are based on the potential income generated by the properties.

However, based on information provided by East Ward Village, the county reduced its recommended valuations to $493,030 on the school house and $590,980 on the new construction.

Commissioner Earl McNutt said, following closed and open sessions during the commissioners' weekly meeting April 6, that while both the county and East Ward Village owners used the income method to determine the properties' valuation, the owners contend that the properties' income-generating potential is less than the county's valuation indicates.

McNutt said that deputy county attorney Phil Lyons will represent the county at the TERC hearing on June 10 in North Platte. McNutt said the county will accept a ruling by TERC.

Assessor Sandra Kotschwar said that if both parties agree to the recommended valuations, the TERC board could decide to cancel the hearing.