City of Richmond v. Jackson Ward Partners, L.P.

Jackson Ward Partners (JWP) owned real property in the City of Richmond. JWP filed an amended complaint in the circuit court for correction of erroneous tax assessments on the property for the tax years 2005-2008, claiming that the assessments were clearly erroneous and in excess of the fair market value. The circuit court held that JWP satisfied its burden of proving the City's assessments were erroneous and ordered the City to correct its assessments and issue refunds to JWP for taxes it overpaid based on the erroneous assessment, plus interest. The Supreme Court reversed, holding that JWP failed to prove the fair market value of the real property at issue. Remanded for entry of an order reinstating the City's tax assessments on the real property for the tax years in question. View "City of Richmond v. Jackson Ward Partners, L.P." on Justia Law