By David J. Duncan, Bose McKinney & Evans LLP
Please click here to view Senate Bill 436, which puts into place a new valuation method for "special purpose properties." Clients of IndyBar members should be very interested in this piece of legislation as it is targeted at "big box" retailers.
The concerning language can be found in section seven of the bill starting on page seven, line 27. This language has several problems, but first and foremost it puts into place a methodology that looks more like the system prior to the State Board of Tax Commissioners v. Town of St. John case almost 20 years ago. It also impacts pending appeals cases and will limit a taxpayer's position in the appeals process going forward.
We will continue to monitor this legislation and will provide updates when they are available.
This post was written by David J. Duncan of Bose McKinney & Evans LLP. If you would like to submit content or write an article for the Real Estate & Land Use Section page, please email Rachel Beachy at firstname.lastname@example.org.