Indiana Tax Review Board Lowers Taxpayer Property Assessments After Valuation Dispute

The Indiana Board of Tax Review (BTR) has issued a final decision to reduce the property assessment for the taxpayer’s department store located in Evansville, Indiana, for the applicable tax years. The dispute arose from differing valuation opinions between the taxpayer’s appraiser and the County Assessor. The taxpayer’s appraisal relied on income capitalization and sales comparison approaches, while the County Assessor used sales comparison and cost approaches. The Board deemed the taxpayer’s appraiser’s methods unreliable, citing flawed estimates of market rent and retail sales. In contrast, the Board found the Assessor’s sales comparison approach to be aligned with generally accepted ...