Property Tax:  Add Value Through Correct Valuation of Student Housing

Property Tax: Add Value Through Correct Valuation of Student Housing

Even in a booming market, managing expenses is the best way to ensure the long-term profitability of investment properties. For most student housing, the largest expense after debt service is property tax. Assessors in college towns are happy to shift the tax burden onto out-of-town students and investors in …

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Indiana Tax Court reverses classification of an apartment complex’s common area, modifying application of the 2% v. 3% tax caps

Indiana Tax Court reverses classification of an apartment complex’s common area, modifying application of the 2% v. 3% tax caps

The Tax Court in Hamilton Square Investment, LLC v Hamilton County Assessor (Oct. 5, 2016) explained, “Indiana’s property tax caps provide taxpayers with credits against their Indiana property tax liabilities” and the “amount of a credit depends on, among other things, a property’s classification (e.g., …

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Indiana Tax Court declines to dismiss property tax appeal where Trust failed to timely file administrative record

Indiana Tax Court declines to dismiss property tax appeal where Trust failed to timely file administrative record

On December 30, 2016, in Lake County Trust Co., Trust No. 6 (Flowers for Heaven, Inc.) v. St. Joseph County Assessor, the Indiana Tax Court allowed a property tax appeal to move forward on the merits, even though the Trust failed to timely file a copy of the certified administrative record with the Court.  Tax …

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Indiana Tax Court affirms assessment reductions for retail property used as CVS

Indiana Tax Court affirms assessment reductions for retail property used as CVS

In Monroe County Assessor v. SCP 2007-C-26-002, LLC a/k/a CVS 3195-02 (Nov. 4, 2016), the Indiana Tax Court affirmed the 2009 – 2013 assessment reductions of a 13,000 square foot retail store operated as a CVS.  During the administrative appeal before the Indiana Board of Tax Review, both parties presented …

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Indiana Tax Court upholds assessment reductions for big box store, finding no “infirmities” in its prior holdings allowing consideration of sales to “secondary users” and sales of vacant stores

Indiana Tax Court upholds assessment reductions for big box store, finding no “infirmities” in its prior holdings allowing consideration of sales to “secondary users” and sales of vacant stores

Let the decisions stand!  On September 7, 2016, the Indiana Tax Court relied on the well-established principle of stare decisis – the “foundation stone of the rule of law” – in refusing to overrule the Court’s prior decisions regarding use of comparable sales to so-called “secondary users” and sales …

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Market data which did not relate to valuation date could not support assessment reduction for lakeside rental property before Indiana Tax Court

Market data which did not relate to valuation date could not support assessment reduction for lakeside rental property before Indiana Tax Court

  Due to technical issues, I have been unable to distribute posts to subscribers over the past several weeks.  I apologize for the absence and look forward to renewing updates on a regular basis! The Owner of a lakeside rental property failed to connect her market evidence to the relevant valuation …

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