Arbors East RE, LLC v. Franklin County Board of Revision

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At issue in this valuation case was the 2011 value, with carryover to 2012 and 2013, of a nursing home that was purchased by its former lessee in April 2011 and to what extent the sale price ought to have been allocated to assets other than the real estate.The Board of Revision (BOR) ordered a small reduction in value to $7,202,900 after making a small deduction for furniture, fixtures, and equipment. The Board of Tax Appeals (BTA) reinstated the entire sale price of $7,490,000 as the value of the real estate. The Supreme Court vacated the BTA’s decision and remanded the case for further proceedings, holding that the BTA neglected to exercise its statutory authority to obtain a complete record and predicated its decision in part on legal errors. View "Arbors East RE, LLC v. Franklin County Board of Revision" on Justia Law