Massachusetts Tax Board Issues Administrative Decision on Lowe’s Property Tax Appeals

The Massachusetts Appellate Tax Board issued an administrative decision regarding Lowe’s Home Centers’ appeals for real estate tax assessments on a retail property in Saugus for fiscal years 2017-2020. The dispute centered around the proper valuation of Lowe’s property consisting of three parcels including a 133,970-square-foot store building. The Board found that the taxpayer met its burden of proving overvaluation for fiscal years 2018-2020 but not 2017, resulting in respective abatements of $26,489.87, $44,607.13, and $72,197.64 for those years. The Board determined a fair cash value of $16,350,000 for each fiscal year by analyzing factors like market rent, vacancy rates, ...