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.
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.
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.
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.
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