Wright v. Banks

Petitioners purchased a house for $234,000. Six months later, the County Assessor appraised the property and found its fair market value was $355,200. The Board of Review upheld the Assessor's valuation. The circuit court affirmed. On appeal, Petitioners asserted that the circuit court erred by failing to apply caselaw holding that the price paid for real estate in a recent arm's length transaction is a substantial indicator of the property's true and actual value and that the purchase of the property was in an arm's length transaction on the open real estate market. The Supreme Court reversed the circuit court's order affirming the Board of Review, holding that the circuit court erred by failing to consider the purchase price of Petitioners' property. Remanded. View "Wright v. Banks" on Justia Law