ILNews

Tax Court in Bloomington March 17

IL Staff
January 1, 2008
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The Indiana Tax Court hits the road March 17 to hear arguments in a case regarding how to properly value a Meijer store for property tax purposes. The arguments will be held at 3:30 p.m. in the Moot Courtroom at Indiana University School of Law - Bloomington.

In Meijer Stores Limited Partnership v. Betty Smith, Wayne Township Assessor, Michael Statzer, Wayne County Assessor, et al., No. 49T10-0609-TA-89, Meijer and Wayne County don't see eye-to-eye on the assessed value of land owned by Meijer in Richmond.

The local assessing officials provided evidence to the Wayne County Property Tax and Assessment Board of Appeals they complied with all applicable rules in performing the assessment and Meijer provided a professional appraisal of how much the property would sell for if it were on the market today.

The Wayne County Property Tax and Assessment Board of Appeals decided the current comparable sale price wasn't the appropriate measure of value because the property isn't currently on the market, but did accept a portion of the appraisal to show the property's depreciated value. It rejected the portion of the appraisal that further decreased the value to reflect the market for empty "big box" stores.

It's up to the Tax Court to decide whether the assessor's approach, Meijer's approach, or the Property Tax and Assessment Board's approach is correct.
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