Arkansas’ “Dark Store Theory” Test Cases for Walmart Stores Land in Circuit Court
Walmart and the assessing community in Arkansas prepare for the state’s first test cases of the “dark store theory” after the world's largest retailer appeals ten unfavorable decisions from a county judge in its home state.
Georgia Supreme Court Finds Section 42 Tax Credits Do Not Constitute “Actual Income” for Purposes of Valuing LIHTC Properties
In a major win for LIHTC owners, Georgia Supreme Court clarifies years of confusion and uncertainty in valuation of low income housing projects.
Kansas Board of Tax Appeals Cuts Tax Valuation of Casino Development by More Than $100 Million
The Kansas Board of Tax Appeals sided with the owner of a recently constructed casino development finding that its ancillary improvements were a major detriment to the property’s income. The significant obsolescence attributable to the superadequacy warranted a $100 million assessment reduction.
Michigan Tax Tribunal Independently Determines Value of Large Automotive Industrial Property after Rejecting Competing Appraisals
The Michigan Tax Tribunal performed its own independent valuation analysis and utilized only one sales comparable from the property owner’s appraisal to determine the assessment for a large automotive manufacturing facility. The Tribunal criticized both appraisers’ reports for their use of significantly smaller automotive manufacturing facilities and out of state facilities in their sales comparison approaches.
Ohio Board of Tax Appeals Further Confirms Method for Determining Value for Skilled Nursing Facility
The Ohio Board of Tax Appeals ruled that the income approach used to value a skilled nursing home facility cannot utilize leases that reflect business value.
Washington State Board of Tax Appeals Upholds Assessor’s Valuation for Seattle Apartment Complex
Washington State BTA denies appeal filed by one of the nation’s largest apartment owners after relying on the County’s income approach value conclusion for a Seattle apartment complex.
Other Valuation Headlines From Across the Country (click here to read more)
Indiana Tax Court Denies Motion to Dismiss Due Process and Equal Protection Clause Challenges
Kansas Board of Tax Appeals Determines that Cost Approach Was best Indicator of Value for 6 Home Depot Stores
Kansas Board of Tax Appeals Finds Costco’s Value Should be Reduced Based Upon Income Approach to Value
Louisiana Orders Valuation of Riverboat Casino and Hotel Using Cost Approach
Michigan Tax Tribunal Holds that Sales Comparison Approach is Appropriate Method to Value Big-Box Retail Property
Michigan Tax Tribunal Finds for Property Owner in Appeal Involving Walmart Ground Lease
Minnesota Supreme Court Finds that the Minnesota Tax Court Partially Erred in Valuation of Mall
Minnesota Tax Court Orders County to Turn Over Financial Data From Competing Downtown Hotels as Part of Valuation Dispute
Missouri State Tax Commission Denies Charitable Exemption to Majority of Parcels Owned By Non-Profit, But Grants Prospective Use Exemption on Some Parcels
Nebraska Appeals Court Affirms Board of Equalization Value on Warehouse Property and Rejects Argument that the Property’s Value Was Not Equalized With Similar Properties
New Jersey Business Can’t Contest Property Value because of Failure of Prior Owner to Provide Requested Income Information
North Carolina Tax Commission Accepts LIHTC Owners’ Income Approach Utilizing Actual Expenses; Rejects County’s Use of Expense Ratio
Ohio Appeals Court Affirms BTA’s Increase in Value for a McDonald’s Restaurant
Ohio Board of Tax Appeals Concludes Owner Occupied Lowe’s Highest and best Use is for the Current User
Ohio Board of Tax Appeals Rejects Appraisal of LIHTC Property that Relied Upon Conventional Housing Market Rents
Oregon Supreme Court Upholds Reduction for High Vacancy Shopping Center
Pennsylvania Commonwealth Court Rules that School District’s Decision to Appeal only the Assessments of Commercial Property is an Unconstitutional Exercise of the District’s Discretion
South Carolina Supreme Court Relies on Absurdity Principle to Deny Hampton Inn’s Attempt to Value Hotel as Vacant Lot
Tennessee State Board of Equalization Retains Local County Board’s Valuation for Retail Bank Branch
Tennessee Board of Equalization Finds that Property Used to Distill Whiskey Should be Valued as Commercial Property, Not as Agricultural Property
Tennessee State Board Retains Local Board’s Valuation for Vacant Big Box Retail Store Based Upon Land Values
Washington Board of Tax Appeals Reduces Valuation of office Buildings Based on Evidence that Vacancy Had Negative Impact on Property’s Market Value
Washington Board of Tax Appeals Upholds Assessor’s Valuation for Supermarket
Washington Decision Reminds Owners that Sales Comparables must be Comparable
Deadlines Looming in 6 States