Whether the owners of an industrial property who were in default on a mortgage are entitled to a property tax refund is a question the Indiana Supreme Court will decide.
Justices last week agreed to hear 2513-2515 South Holt Road Holdings, LLC v. Holt Road, LLC, Res Holt Road, LLC, MSP Holt Road, LLC, K3D Holt Road, LLC, and Roll & Hold Warehousing & Distribution Corp., 49S02-1510-MF-630.
A Marion Superior trial court awarded a $307,193 property tax refund to the owners of the industrial property on Indianapolis’ southwest side. The Court of Appeals reversed, however.
Lender 2513-2515 South Holt Road was owed principal, interest and fees of more than $5.7 million after defendants stopped making mortgage payments in April 2013. The appeals panel awarded the refund to the lender, finding the refund met the definition of funds within the security interest of the contract.
The court rejected petitions for transfer in a dozen other cases for the week ending Oct. 30. Transfer dispositions may be viewed here.