Property assessment reduced to $18,873,000 based on direct comparison approach; equity reduction denied.
The appellant appealed the property tax assessment of its industrial property for the 2017 to 2023 taxation years, arguing the assessed value of $22,798,000 was too high.
Both parties relied on the direct comparison approach using different sets of comparable sales.
The Assessment Review Board evaluated the comparable sales, rejecting some due to differences in size, use, and sale dates.
Relying on three comparable sales, including one unique to the respondent and two common to both parties, the Board determined the correct current value to be $18,873,000.
The Board also dismissed the appellant's request for an equity reduction, preferring the respondent's equity analysis based on actual sales rather than assessment values.
