Opinion ID: 1349359
Heading Depth: 2
Heading Rank: 2

Heading: Case Number 34424Heathermoor

Text: Similarly, in Case Number 34424, the appellant herein and petitioner below, Heathermoor Limited Partnership (hereinafter Heathermoor), challenged its ad valorem property tax assessments for tax year 2006. The Assessor of Hancock County, Joseph Alongi (hereinafter Hancock County Assessor), used the cost approach to value Heathermoor's property at $3,963,500.00. After Heathermoor challenged this assessment, the Hancock County Assessor asked the State Tax Commissioner [3] to value the property. The Commissioner employed an income approach and valued Heathermoor's property at $2,924,000.00; this valuation relied upon the actual, restricted rents charged by Heathermoor, rather than the market, unrestricted rents, and includes the value of the tax credits that were allocated to Heathermoor's property. During proceedings before the Hancock County Board of Equalization and Review (hereinafter Hancock County Board), Heathermoor offered its own appraiser's valuation of its property in the amount of $1,276,000; this calculation used Heathermoor's actual, restricted rents and excluded the value of the tax credits. The Hancock County Board adopted the Assessor's valuation of $3,963,500.00, and Heathermoor appealed this decision to the Circuit Court of Hancock County. By order entered January 28, 2008, the circuit court concluded that the assessing officer is vested with discretion to select the most accurate appraisal method and that the Hancock County Assessor had not abused his discretion in valuing Heathermoor's property. Accordingly, the circuit court affirmed the Hancock County Board's decision. From this ruling, Heathermoor appeals to this Court.