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Thursday, October 20, 2011

Ind. Decisions - Tax Court decides one today

In Grant County Assessor v. Kerasotes Showplace Theatres, LLC, a 12-page opinion, Sr. Judge Fisher writes:

On July 15, 2009, the Indiana Board of Tax Review (Indiana Board) issued a final determination valuing the Kerasotes Showplace 12 in Grant County, Indiana (the subject property) at $4,200,000 for the 2006 assessment. The Grant County Assessor (Assessor) now challenges that final determination. * * *

The issue presented to the Indiana Board to decide was whether, under Indiana’s market value-in-use standard, the subject property should be valued according to the terms of its lease (i.e., contract rent) or according to what other similar properties would garner in rent (i.e., market rent). (See Cert. Admin. R. at 39 ¶ 61.) Noting that there were no Indiana cases that provided guidance, the Indiana Board found a case, decided by the Wisconsin Supreme Court, to be particularly helpful in its analysis. * * *

In this case, the Indiana Board found that in determining what the subject property’s assessed value should be, the appraisal offered by Kerasotes was more persuasive than the appraisal offered by the Assessor. * * *

Based on the foregoing reasons, the Indiana Board’s final determination in this matter is AFFIRMED.

Posted by Marcia Oddi on October 20, 2011 04:39 PM
Posted to Ind. Tax Ct. Decisions