Musick v. University Park at Evansdale, LLC

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The Supreme Court affirmed the order of the circuit court in this dispute between the Assessor of Monongalia County, Mark Musick, and University Park at Evansdale, LLC (UPE) regarding an assessment valuing UPE’s leasehold interest in a student housing facility, holding that Musick contravened the requirements of both West Virginia Code of State Rules 110-1P-3 and applicable case law in assessing UPE’s leasehold interest.In 2013, West Virginia University (WVU) leased property to UPE for the development of University Park, the student housing facility. UPE subleased the student housing back to WVU for purposes of offering git to students for housing. This disagreement related to a 2015 assessment valuing UPE’s leasehold interest in University Park at more than $9 million. The circuit court decided that, based on the evidence presented at the Board of Equalization and Review (BER), the assessment of UPE’s leasehold interest for tax year 2015 was $0. The Supreme Court affirmed the circuit court’s order correcting the assessment, holding that UPE showed by clear and convincing evidence that the 2015 valuation of the leasehold interest should be corrected to $0. View "Musick v. University Park at Evansdale, LLC" on Justia Law