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Fall 2020
 

Valuation Analyses_October 2020

CALIFORNIA COURT DETERMINES TRANSFER TAX NOT APPLICABLE TO PURCHASE OF REAL ESTATE ENCUMBERED BY LONG-TERM LEASE

In June, a California appellate court affirmed the trial court’s decision, finding that the purchase of realty encumbered by a long term lease is not subject to San Francisco’s transfer tax if the leasehold has a remaining term of 35 years or more at the time of transfer. In California, transfer tax is due when there is “realty sold” because code and case law have developed in a way that defines this similar to “change in ownership” where transfer tax would be due.

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MICHIGAN TAX TRIBUNAL RULES IN FAVOR OF MENARDS AND IGNORES CITY’S CLAIM THAT THE RETAILER RELIED UPON A “DARK STORE” VALUATION THEORY

On remand from the Michigan Court of Appeals, the Michigan Tax Tribunal (MTT) determined the true cash value of the taxpayer's big-box retail property and found that the subject property had been over assessed by the city. 

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FLORIDA APPEALS COURT CHANGES MIND ON DISNEY HOTEL RULING; REJECTS DISNEY’S VALUATION EVIDENCE AND ORDERS A REASSESSMENT

In August, a Florida appeals court reversed its previous ruling in a long-standing dispute over the assessment of a Walt Disney World resort. In its original decision, which was issued in June, the Court ordered that the assessment for Disney’s Yacht & Beach Club Resort be reduced from $337 million to $209 million and held that the Rushmore valuation method utilized by the county appraiser violated Florida law. 

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KENTUCKY COURT OF APPEALS SIDES WITH KROGER IN VALUATION APPEAL AND CONFIRMS PROPER APPLICATION OF RELATED EVIDENTIARY BURDENS

The Kentucky Court of Appeals recently sided with Kroger in a valuation appeal that hinged on proper application of the parties’ respective evidentiary burdens. On appeal from the Kentucky Claims Commission (the Commission), Kroger argued that the Commission had misinterpreted and misapplied the applicable presumption that the property valuation administrator (PVA’s) value is correct.

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OTHER VALUATION HEADLINES FROM ACROSS THE COUNTRY (CLICK HERE TO READ MORE)

Arkansas Judge Denies Schools’ Request To Intervene In Highly Contested Walmart And Sam’s Club Appeals

California “Split Roll” Measure Qualifies For November Ballot

Indiana Tax Court Finds That The Indiana Board Of Tax Review Unreasonably Denied Property Owner’s Voluntary Dismissal

Massachusetts Appellate Tax Board Evaluates Market Conditions Affecting Data Centers And Performs Independent Income Approach To Determine Value

Michigan Tax Tribunal Performs Independent Income Approach To Determine Value For 920 Bed Student Housing Complex

Court Of Appeals Concludes That The Ohio Board Of Tax Appeals Properly Valued A Casino And Racetrack At $21.5 Million, Thus Rejecting A School Board’s Bid To Value The Property At More Than $44 Million

Ohio Board Of Tax Appeals Reverses Course On Real Property Tax Exemptions For Permanent Housing Facilities

Tennessee’s Largest City Approves 34% Increase In Real Property Tax Rates


 

Contacts

Nicholas M.J. Ray
614.464.5640
nmray@vorys.com

Andrew E. DeBord
513.723.4024
aedebord@vorys.com

Lauren M. Johnson
614.464.5418
lmjohnson@vorys.com

Lindsay Doss Spillman
216.479.6199
ldspillman@vorys.com

Hilary J. Houston
614.464.4968
hjhouston@vorys.com

Steven L. Smiseck
614.464.5438
slsmiseck@vorys.com

John R. Conley
330.208.1172
jrconley@vorys.com

Megan Savage Knox
614.464.6380
msknox@vorys.com

Anthony L. Ehler
614.464.8282
tlehler@vorys.com

David A. Froling
614.464.3022
dafroling@vorys.com

Scott J. Ziance
614.464.8287
sjziance@vorys.com

Steven R. Rech
713.588.7017
srech@vorys.com


 

 

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This alert is for general information purposes and should not be regarded as legal advice. As always, please let us know if you want more information or have questions about how these developments apply to your situation.