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Spring 2021
 

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.  assets/htmlimages/Read%20more_button.JPG

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.  

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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. assets/htmlimages/Read%20more_button.JPG

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.
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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). assets/htmlimages/Read%20more_button.JPG

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


 

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

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.