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.
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.
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.
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.
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