Lee Trace LLC v. Raynes

These consolidated cases involved tax assessments for Petitioner's property. In the first appeal, Petitioner challenged the 2010 tax assessment to his property. The Board of Review and Equalization determined that Petitioner's appeal was not timely filed, and the circuit court affirmed. In the second appeal, Petitioner sought to adjust the 2011 assessment of his property, asserting that the Assessor erred in using a cost approach analysis to determine the value of the property to be $7.5 million. The Board ordered that the assessed value be reduced to approximately $6.5 million. The circuit court affirmed the Board's reduction in value. The Supreme Court reversed the circuit court's orders pertaining to both the 2010 and 2011 assessments, holding (1) the circuit court erred in finding that Petitioner's appeal of the 2010 tax assessment was untimely; and (2) the Board abused its discretion in utilizing a hybrid income approach to adjust the 2011 assessment, and because Petitioner failed to establish that the Assessor's cost approach assessment was erroneous, the 2011 tax assessment for the property should be adjusted to reflect the Assessor's initial cost approach assessment value. View "Lee Trace LLC v. Raynes" on Justia Law