Robert Lackey

The appellant appealed the property assessment of a custom-built home on a 15.79-acre lot, arguing that the assessed value of $5,625,000 was too high because most of the land was located in a floodplain and not buildable.

The Assessment Review Board agreed with the appellant, finding that 13.7 acres were in the floodplain and should be valued at $18,000 per acre.

Using the direct sales comparison approach for the buildable portion, the Board determined the total current value of the property to be $4,933,000 and reduced the assessment accordingly.