Tennessee SBOE Decides to Adopt Taxpayer’s Property Tax Valuation of Commercial Parcel

The Tennessee State Board of Equalization (SBOE) July 26 decided to adopt Taxpayer’s property tax valuation of its commercial parcel that was improved with a retail department store. The Shelby County Board of Equalization valued the property. Taxpayer sought a reduction and presented an appraisal using all three valuation approaches along with the testimony of three experts. On review, the SBOE found: 1) Taxpayer met its burden of proof to prove a more credible value than the assessor; 2) the Dark Store theory didn’t apply to this case because both sides relied primarily on the income approach, not the comparable ...