South Carolina Administrative Court Decides Property Tax Valuation of Independent Retirement Community

The South Carolina Administrative Law Court June 30 decided the fair market value of Taxpayer’s independent living community, for property tax purposes. The Berkeley County Board of Assessment Appeals sustained the valuation determined by the Berkeley County Assessor. Taxpayer appealed. The assessor’s experts relied on all three approaches of valuation and Taxpayer relied on the income approach. The administrative court noted: 1) the assessor’s comparable sales valuation was unreliable; 2) the assessor’s expert erred in the computation of Taxpayer’s net operating income, failing to consider that 128 units and not 130 were income generating units; 3) Taxpayer’s expert failed to ...