Summer 2021 Valuation Analyses
CALIFORNIA COURT UPHOLDS CITY ORDINANCE THAT ASSESSES DIFFERENT TRANSFER FEES BASED UPON THE CONSIDERATION PAID
Ashford Hospitality (Ashford) acquired a majority interest in a property located on 2nd Street in San Francisco. The acquisition resulted in a change in ownership and as a result, Ashford paid $3,348,025 in transfer taxes based upon the $133,920,700 self-report value of the property at transfer.
NEW YORK COURT RULES THAT THE COVID-19 PANDEMIC DID NOT LOWER A MALL’S FAIR MARKET VALUATION FOR TAXATION PURPOSES
The owner of a regional mall challenged the town’s tax year 2020 assessment for the property on the basis that the COVID-19 pandemic had caused its fair market value to decline. The mall owner had previously entered into a consent order with the town that fixed the fair market value of the property at $132,738,000 for tax years 2018, 2019, 2020, and 2021.
COLORADO LAW CHANGE NOW PERMITS STATE BOARD OF ASSESSMENT APPEALS TO INCREASE ASSESSMENT ON APPEAL
On April 7, 2021 the Colorado Governor signed House Bill 21-1083, which removes a restriction on increasing real property valuation during the appeal process.
TENNESSEE STATE BOARD OF EQUALIZATION CONFIRMS THAT TAX CREDITS MUST BE INCLUDED IN THE VALUATION OF LOW-INCOME HOUSING TAX CREDIT PROPERTIES
The Tennessee State Board of Equalization (SBOE) recently rejected a taxpayer’s valuation challenge of a Low-Income Housing Tax Credit (LIHTC) project in Jonesborough, specifically confirming that tax credits must be included in the valuation of low-income housing properties.
IOWA COURT AFFIRMS COUNTY’S VALUATION OF A LOWE’S BASED ON ITS PRESENT USE RATHER THAN ITS FAIR MARKET VALUE
The Johnson County Assessor had valued a Lowe’s at $11,800,000. Lowe’s had challenged the County’s original assessment with the County Board of Review, which did not change the County’s value. Lowe’s then appealed the decision to the Iowa Property Assessment Appeal Board (PAAB).
OTHER VALUATION HEADLINES FROM ACROSS THE COUNTRY (CLICK HERE TO READ MORE)
In review of assessment of Big Box Store, Kansas Court of Appeals reaffirms precedent that build to suit leases must be appropriately adjusted to be utilized for determining value
Michigan Court Of Appeals upholds Michigan Tax Tribunal’s decision determining valuation of upscale continuing care retirement community
Nebraska Tax Equalization and Review Commission rejects valuation of commercial property based on sale-leaseback transaction
Tennessee Appeals Court finds that an interstate pipeline was properly assessed as real property rather than personal property
Pending Texas bill would freeze property values at current level until sold, transferred or improved
Deadlines Looming in 7 States