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The Institute for Professionals in Taxation

The Institute, founded in 1976, is a non-profit educational association serving over 4400 members representing approximately 1450 corporations, firms, or taxpayers throughout the United States and Canada. It is the only professional organization that educates, certifies and establishes strict codes of conduct for state and local income, property and sales & use tax professionals who […]

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Big-Box Stores: If You Build Them, Buyers Won’t Come

Update: Robert Hill wins for Menards. “Big-box stores” have proven to be a very difficult valuation problem for many assessors over the past five years, as the temptation to assess them at estimated market values in line with smaller, income producing retail stores (or multi-tenant shopping centers), is often too great to pass up. The […]

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Valuing Future Re-Development Sites

One of the more difficult problems property tax practitioners – and trial courts – face is to determine the fair market value of large industrial plants that are due to close and be torn down. Such properties rarely have much value to either their current owner(s) or for continued use by other industrial users. Often, […]

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Out-Of-State Comparables Value Large Industrial Plants

One of the most difficult challenges property tax practitioners face is to convince a particular state tribunal that relying upon comparable sales from other states is a proper method for determining the market value of large manufacturing plants. In McNeilus Truck & Mfg. v. County of Dodge, 705 N.W.2d 410, 414 (Minn. 2005), the Minnesota Supreme […]

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Talking Points – Sale-Leaseback & Market Value

In last month’s article, I attempted to show practitioners how to address the legal issues associated with proving that saleleaseback transactions cannot demonstrate the actual market value of the underlying real estate. Regardless of the case law, however, most assessors still want to consider such transactions as being relevant to the assessments of real estate […]

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Sales Leasebacks: Are They Indicative of Market Value?

National retailers use sale-leaseback transactions to expand their businesses. In a typical sale-leaseback, a property owner sells real estate used in its business to an unrelated private investor or to an institutional investor. Simultaneously, the property is leased back to the seller for a mutually agreed-upon time period, usually 20-30 years. Lease payments typically are […]

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