Maryland Tax Court Reduces Casino Parking Lot Assessment Valuation by $2.5 Million

The Maryland Tax Court reversed the Property Tax Assessment Appeals Board and reduced the property tax valuation of a casino parking lot by $2.5 million. The property was assessed at $4,290,600 and the taxpayer appealed, contending the value of the property was $0. The Court found that the taxpayer had met its burden of proof by providing affirmative evidence that the assessment was incorrect, but could not go so far as finding a zero value. Taking all the evidence into account, including the lease of the land with all of its present restrictions and limited, but available, future possibilities, the ...