Opinion ID: 1348704
Heading Depth: 2
Heading Rank: 2

Heading: The Tax Appeal Court's Valuation

Text: The Tax Appeal Court found that the City's 1988 and 1989 assessments: (1) exceeded the market value of the property by more than ten percent; (2) showed a lack of uniformity and inequality brought about by errors in the application of the methods used to the property involved; and (3) violated the equal protection clause of the U.S. Constitution. In addition to setting aside the City's valuation, the court calculated its own value for the property. The court applied the Kahala Beach benchmark value, rather than the Black Point benchmark, to 14,000 sq. ft. of the parcel and 25% of the Kahala Beach benchmark to the remaining 32,707 sq. ft., as follows: 1988 100% × $ 95 × 14,000 sq. ft. = $1,330,000 25% × $ 95 × 32,707 sq. ft. = 776,791 __________ $2,106,791 1989 100% × $125 × 14,000 sq. ft. = $1,750,000 25% × $125 × 32,707 sq. ft. = 1,022,094 __________ $2,772,094