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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. Video pen? Nice work, "JW"! Let this be a lesson and a caution to all disgruntled ex-spouses (or soon-to-be ex-spouses) . . . you may think that altercation is going to get you some satisfaction . . . it will not.

  2. First comment on this thread is a fitting final comment on this thread, as that the MCBA never answered Duncan's fine question, and now even Eric Holder agrees that the MCBA was in material error as to the facts: "I don't get it" from Duncan December 1, 2014 5:10 PM "The Grand Jury met for 25 days and heard 70 hours of testimony according to this article and they made a decision that no crime occurred. On what basis does the MCBA conclude that their decision was "unjust"? What special knowledge or evidence does the MCBA have that the Grand Jury hearing this matter was unaware of? The system that we as lawyers are sworn to uphold made a decision that there was insufficient proof that officer committed a crime. How can any of us say we know better what was right than the jury that actually heard all of the the evidence in this case."

  3. wow is this a bunch of bs! i know the facts!

  4. MCBA .... time for a new release about your entire membership (or is it just the alter ego) being "saddened and disappointed" in the failure to lynch a police officer protecting himself in the line of duty. But this time against Eric Holder and the Federal Bureau of Investigation: "WASHINGTON — Justice Department lawyers will recommend that no civil rights charges be brought against the police officer who fatally shot an unarmed teenager in Ferguson, Mo., after an F.B.I. investigation found no evidence to support charges, law enforcement officials said Wednesday." http://www.nytimes.com/2015/01/22/us/justice-department-ferguson-civil-rights-darren-wilson.html?ref=us&_r=0

  5. Dr wail asfour lives 3 hours from the hospital,where if he gets an emergency at least he needs three hours,while even if he is on call he should be in a location where it gives him max 10 minutes to be beside the patient,they get paid double on their on call days ,where look how they handle it,so if the death of the patient occurs on weekend and these doctors still repeat same pattern such issue should be raised,they should be closer to the patient.on other hand if all the death occured on the absence of the Dr and the nurses handle it,the nurses should get trained how to function appearntly they not that good,if the Dr lives 3 hours far from the hospital on his call days he should sleep in the hospital

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