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March 2022
 

March 2022 Valuation Analyses

COLORADO SUPREME COURT RULES THAT NET INCOME GENERATED FROM INDIVIDUALLY OWNED CONDOMINIUM UNITS SHOULD NOT HAVE BEEN INCLUDED IN RESORT’S VALUATION FOR TAX PURPOSES

Colorado’s highest court determined that the net income derived from individually owned condominium rentals that are considered a part of a luxury resort’s property should not have been computed in the property’s assessment for tax purposes.assets/htmlimages/Read%20more_button.JPG

CONNECTICUT COURT REDUCES THE ASSESSMENT FOR A MALL ANCHOR DEPARTMENT STORE

The assessment for a Macy’s department store was recently reduced by a Connecticut court after it considered the valuation approaches and conclusions reached by the parties’ appraisal experts.assets/htmlimages/Read%20more_button.JPG

MICHIGAN COURT OF APPEALS AFFIRMS VALUATION REDUCTION FOR OWNER-OCCUPIED BIG-BOX STORE

This case involves a 166,196 square foot “big box” store in Escanaba, Michigan. In previous proceedings, the property owner, Menards. (owner), challenged its property tax assessments for 2012, 2013 and 2014.assets/htmlimages/Read%20more_button.JPG

GEORGIA APPEALS COURT ENFORCES MANDATORY LANGUAGE OF LOW-INCOME HOUSING VALUATION STATUTE

The Georgia Court of Appeals recently reversed the trial court’s fair market valuation of a low-income housing tax credit (LIHTC) project known as Granite Crossing, finding that the trial court had misapplied the applicable valuation statute. assets/htmlimages/Read%20more_button.JPG

Deadlines looming in 9 States

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

Indiana Tax Court reverts value to prior assessment after rejecting both the assessor’s and owner’s appraisal evidence on shopping mall

Iowa Appeals Court grants reduction for Des Moines office headquarters

Oregon Tax Court performs independent valuation analysis for regional mall and movie theater and favors property owner appraiser’s income analyses


 

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

Megan Savage Knox
614.464.6380
msknox@vorys.com

Hilary J. Houston
614.464.4968
hjhouston@vorys.com

Steven L. Smiseck
614.464.5438
slsmiseck@vorys.com

Marcus A. Hughes
513.723.4054
mahughes@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.