Opinion ID: 2124844
Heading Depth: 1
Heading Rank: 13

Heading: aztar's personal property

Text: As with real property, personal property is to be assessed with reference to its true value in money. True value in money means the fair market value of the property on the valuation day. Hermel, 564 S.W.2d at 897. The assessor determined that the fair market value of the personal property was $17,210,160. The assessor's valuation is presumed to be correct, and it is Aztar's burden to rebut the presumption. Daly v. P.D. George Co., 77 S.W.3d 645, 648 (Mo.App.2002). Aztar's expert appraiser did not use any recognized valuation method in formulating his opinion as to the valuation of the boat, the City of Caruthersville, or the adjacent barge, the Scott. [7] The commission's rejection of the assessor's cost-based approach and its acceptance of Aztar's nontraditional methods suffered from the same legal deficiency as Aztar's position on the valuation of its real property. Aztar failed to carry its burden of showing that the assessor was incorrect, and the commission erred in applying a criterion other than the property's highest and best use.