The Cole County Board of Equalization on Friday upheld the assessment values of Capital 8 Theater property.
The land on which the theater sits on Country Club Drive was appraised at $878,200, which officials representing the property owners did not challenge, but they did challenge the assessor's appraisal of the theater itself, which was $942,300. The owners believed the value should be $410,000.
The board voted 4-1 in favor of upholding the assessor's figures. Those voting in favor were: Jefferson City Administrator Steve Crowell, Jefferson City Finance Director Margie Mueller, Dana Wildhaber representing the real estate industry and Cole County Eastern District Commissioner Jeff Hoelscher. Cole County Western District Commissioner Harry Otto voted against.
A property owner can appeal to the State Tax Commission and, thereafter, the circuit court, if they are dissatisfied with the board's decision.
Capital 8 reopened under new ownership last year. Mason Asset Management and Namdar Realty Group announced in July 2020 they purchased the majority of Goodrich Quality Theaters Inc.'s assets, including most of the movie theaters.
GQT owned Capital 8 and filed for chapter 11 bankruptcy in February 2020. Capital 8 closed shortly after amid the coronavirus pandemic, but eventually reopened in September 2020.
Lawyers representing the theater said assessors should have taken into account the challenging economic events of the last year when assessing the property.
They also said the property value should be lower because the theater building, which was opened in 1996, should be lower because the building can only be used a theater.