Jul 21, 2015

Kmart owners say county is overvaluing their property

The owners of the Cody Kmart are protesting the taxable value of their property, believing the Park County Assessor’s Office has overvalued the store’s land.

While a higher assessed value from the county can indicate that a piece of property will fetch a better price on the real estate market, it also means having to pay more property taxes.

Assessor Pat Meyer said Kmart is the only property owner appealing their assessed valuation.

The Cody Kmart. File photo courtesy Park County
However, Meyer said he doubts officials with the store’s parent company in Illinois will actually take the case all the way to a hearing before Park County commissioners.

“They’re probably playing this little game where they’re going to wait until I come up with all the evidence (justifying the value) and send it to them. Then I imagine they’ll withdraw,” Meyer told commissioners on July 7. “But I can’t say that for sure.”

He said the dispute is over the value of the land and not the store itself.

The assessor’s office gave the property a roughly $2.61 million market value this year. That includes around $1.7 million for the building and $914,000 for the land. Those values are about the same as last year’s.

Commissioners set the appeal for an Aug. 18 hearing.

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