The Hearing Officer has considered the arguments advanced by Complainants in their Brief and Reply Brief. The arguments are not persuasive. This case is really quite simple. The Assessor is mandated by law to assess all real property. Section 137.115.1, RSMo .
Real property consists of land, buildings, structures and improvements.
The Assessor must value what is in place. Even though not totally completed, the building under construction on the subject land added value to the real property. The Commission must view the valuation of this property as what a willing buyer and seller would have agreed to as a purchase price for the property in the condition which it existed on January 1, 1998. A knowledgeable buyer and seller would place some value on the unfinished building and improvements. An informed buyer would not expect to be able to purchase the property only for the cost the seller had in the land.