Tax Court affirms assessments of Shelbyville CVS store

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The assessment of a Shelbyville CVS store is lower than the county wanted, higher than the drugstore chain wanted, but just right, the Indiana Tax Court concluded.

The court issued an opinion affirming the Indiana Board of Tax Review’s determination upholding the assessment of the property at $2.375 million in 2007 and about $2.46 million for 2008.

After those assessments were made on the store built in 2001 and operated under a sale-leaseback agreement, CVS appealed first to the Shelby County Property Tax Assessment Board of Appeals and then to the Indiana Board of Tax Review, both of which affirmed the county’s original assessment.

CVS argued in those earlier appeals that based on the value of vacant former drugstore properties where market rent is about $10 per square foot, its Shelbyville store should be assessed at only about $1.25 million for the property tax years in question. But the Tax Review Board noted CVS failed to investigate and understand why those properties were vacant, which “destroyed” the credibility of its preferred method of assessment.

The Shelby County assessor then pursued its own alternate approach in its appeal to the Tax Court, Shelby County Assessor v. CVS Pharmacy, Inc. #6637-02, 49T10-1112-TA-96. The assessor argued that based on the sale-leaseback’s contractual rent of $27.20 per square foot, the property should have been assessed at about $3.77 million.

“In its final determination, the Indiana Board explained that CVS provided probative evidence demonstrating that there was a significant difference between the subject property’s market rent and contractual rent,” Senior Judge Thomas Fisher wrote.

“The Indiana Board noted that this difference was consistent with CVS’s claim that it used sale-leaseback transactions to sell more than just the ownership rights in its properties; rather, it used those types of transactions as a means to generate additional business capital from investors,” Fisher wrote. “The Indiana Board found that the Assessor’s … approach likely was capturing more than the value of the real property (i.e., the “sticks and bricks”) in her computation.”

Fisher concluded in affirming the review board that the assessor essentially asked the Tax Court to reweigh the evidence, which it may not do.


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  1. I have an open CHINS case I failed a urine screen I have since got clean completed IOP classes now in after care passed home inspection my x sister in law has my children I still don't even have unsupervised when I have been clean for over 4 months my x sister wants to keep the lids for good n has my case working with her I just discovered n have proof that at one of my hearing dcs case worker stated in court to the judge that a screen was dirty which caused me not to have unsupervised this was at the beginning two weeks after my initial screen I thought the weed could have still been in my system was upset because they were suppose to check levels n see if it was going down since this was only a few weeks after initial instead they said dirty I recently requested all of my screens from redwood because I take prescriptions that will show up n I was having my doctor look at levels to verify that matched what I was prescripted because dcs case worker accused me of abuseing when I got my screens I found out that screen I took that dcs case worker stated in court to judge that caused me to not get granted unsupervised was actually negative what can I do about this this is a serious issue saying a parent failed a screen in court to judge when they didn't please advise

  2. I have a degree at law, recent MS in regulatory studies. Licensed in KS, admitted b4 S& 7th circuit, but not to Indiana bar due to political correctness. Blacklisted, nearly unemployable due to hostile state action. Big Idea: Headwinds can overcome, esp for those not within the contours of the bell curve, the Lego Movie happiness set forth above. That said, even without the blacklisting for holding ideas unacceptable to the Glorious State, I think the idea presented above that a law degree open many vistas other than being a galley slave to elitist lawyers is pretty much laughable. (Did the law professors of Indiana pay for this to be published?)

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