HCP EMOH, LLC v. Washington County Board of Revision

The Supreme Court vacated the decision of the Board of Tax Appeals (BTA) rejecting the method of valuation espoused by an appraiser for the property owner, HCP EMOH, LLC, to derive an opinion of value for an assisted-living facility and instead adopting the valuation reached by an appraiser for the Washington County Board of Revision (BOR) and Washington County Auditor (collectively, the county), holding that the BTA erred in adopting the county’s appraisal.The property at issue consisted of two parcels constituting almost seven acres of land and was improved with a one-story assisted-living facility. At issue was how an appraiser should separate the family’s business value from the value of the realty. HCP’s appraiser relied on apartment comparable to reach a value for the property. The county, however, relied on data from the assisted-living-facility market. The Supreme Court vacated the BTA’s decision, holding (1) case law permits but does not require consideration of apartment comparable; but (2) the county’s appraiser was not scrupulous in selecting data that led him to value the business rather than the realty. View "HCP EMOH, LLC v. Washington County Board of Revision" on Justia Law