It’s my job to remind you how to regard “owner occupied” properties for assessment valuation purposes:
Treat owner occupied properties the same as tenant occupied properties!
Owner occupied facilities are no different than rentals – owners move on too!
The fact a property happens to be owner occupied is not relevant for valuation purposes because it could easily be vacant tomorrow, after being purchased by an investor and rented the next day.
Treat owner occupied properties the same as other income properties occupied by tenants, even though your appellant will insist that their property is unique, and therefore not subject to typical income valuation principles.
The entire premise of income valuation is that almost all properties have an inherent market lease rate mated with an expense structure, tied to property type and local market customs. The local customs inform us as to rental and vacancy rates, as well as to who is responsible for which expenses.
So no matter how a property is operated, valuation of that property can’t escape the local market forces that define it!