The Warren County Board of Equalization (BOE) approved an appeal for a lower real estate assessed valuation for the failing Warrenton Outlet Center.Ray Browning, a property tax representative and …
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The Warren County Board of Equalization (BOE) approved an appeal for a lower real estate assessed valuation for the failing Warrenton Outlet Center.Ray Browning, a property tax representative and general partner in the firm Savage & Browning out of Overland Park, Kan., brought an appeal before the board Monday, citing that the 30-acre property was “distressed,” and not worth last year’s assessed valuation of $1.2 million.Browning requested the BOE approve an assessed valuation of $875,000, the price a Las Vegas company paid for the outlet center in January.The board unanimously approved the appeal.In 2005, the outlet center had an assessed valuation of $10.2 million.Last year it was assessed a little more than $1.7 million.Currently, the 200,000-square-foot center has only three tenants.In February, the owners of the outlet center hired AFI Property Management in Columbia to seek out tenants and direct redevelopment of the site.“The owner bought it with the hope of building it into something else,” Browning said. “They have several ideas, but it would cost a lot of money.”
