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Property's total value must be allocated appropriately between land and improvements.(Recent Court Decisions)(Brief article)

Appraisal Journal

| March 22, 2009 | COPYRIGHT 2009 The Appraisal Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

The Supreme Court of Ohio ruled that a board of tax appeals could not arbitrarily allocate value between land and improvements, even when the property's total value was properly assessed.

Polaris Amphitheater Concerts, Inc. (Polaris) owns five parcels collectively known as the Germain Amphitheater, a music venue located in the city of Columbus and the Olentangy school district. The county auditor assessed the land value of Polaris's property at $13,799,100 and the property's total value at $20,734,000. The school district's appraiser concluded that the total property was worth $21 million but that the land was worth only $8.6 million; Polaris's appraiser valued the land at $7.2 million. Despite the discrepancy in land valuations, the board of tax appeals (BTA) adopted both of the auditors' assessments. Polaris appealed.

Polaris's primary argument on appeal was that the BTA had no ...

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