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Fall 2021
 

Fall 2021 Valuation Analyses

ASSESSED VALUATION OF FLORIDA’S WALT DISNEY WORLD REDUCED BY $428 MILLION FOLLOWING SETTLEMENT OF PROPERTY TAX DISPUTE WITH COUNTY PROPERTY APPRAISER

The assessed valuation for 15 Walt Disney World properties was cut by $428 million over a five-year period after a settlement was reached between the entertainment giant and the new Orange County Property Appraiser. assets/htmlimages/Read%20more_button.JPG

INDIANA SUPREME COURT DETERMINES ASSESSMENT SHOULD REVERT TO PRIOR YEAR WHEN BOTH THE ASSESSOR AND PROPERTY OWNER FAILED TO MEET THEIR BURDEN OF PROOF

An Indiana mall owner (Southlake) sought a reduction in its assessment for tax years 2011-2014 after the 2011 value increased to nearly $240 million, which was more than double the 2010 assessment of approximately $110 million. assets/htmlimages/Read%20more_button.JPG

OHIO SUPREME COURT FINDS THAT OHIO’S REQUIREMENT THAT PROPERTIES BE VALUED AS FEE SIMPLE DOES NOT REQUIRE PROPERTIES TO BE VALUED AS IF THEY WERE VACANT AT THE TIME OF TRANSFER

In its review of a property owner’s challenge to the assessment on a Lowe’s Home Improvement store, the Ohio Supreme Court held that Ohio’s valuation statute, R.C. 5713.03, does not require leased properties to be valued as if they were vacant at the time of transfer. assets/htmlimages/Read%20more_button.JPG

TENNESSEE STATE BOARD OF EQUALIZATION REDUCES VALUATION OF DEPARTMENT STORE VIA INCOME CAPITALIZATION APPROACH METHOD AND REJECT’S THE COUNTY ASSESSOR’S DARK STORE THEORY ARGUMENT

In finding in favor of the property owner’s appraisal evidence, which relied primarily on the income capitalization approach, the Tennessee State Board of Equalization significantly reduced the assessed valuation of a standalone JCPenney department store by nearly $35 million over a period of four tax years. assets/htmlimages/Read%20more_button.JPG

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

Maine’s highest court refuses to reduce tax assessment for shuttered paper mill

Michigan Tax Tribunal issues two decisions valuing big box stores - Tribunal endorses cost approach for recently constructed big box property and adopts property owner’s appraisal utilizing sales comparison approach for older big box property

Ohio Appellate Court holds collateral estoppel bars review as court ruled and decided issues regarding appraisal prepared using the same methodology for prior tax year

Oregon Tax Court determines real market value of vacant land relying on the sales comparison approach while using a variation of the income approach known as the discounted cash flow analysis

Wisconsin Court of Appeals affirms decision upholding the 2016 and 2017 assessments for a Lowe’s home improvement store

Wyoming board of equalization affirms assessment of Walmart distribution center

Deadlines Looming in 6 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

Adam S. Hamburg
949.526.7908
ashamburg@vorys.com

Jacinto A. Núñez
330.208.1046
janunez@vorys.com

Michael P. Oliverio
412.904.7698
mpoliverio@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.