CPS appeals of several hundred sale/leasebacks resulted in notable reductions, some changes as high as 45%. The appeal of 500 rental apartments, valued at $70 million, led to a reduction, even overcoming the recent purchase price. Tangible personal property appeals, including bottling assembly lines, commercial presses, and EDP were successful.
Successful appeals are a combination of using market data, lawful adherence to procedures by the VAB, and knowledge of the approaches to value. One Special Magistrate’s Findings, related to numerous CPS petitions, said in material part:
The Petitioner provided compelling evidence and testimony that was sufficient to have all of the Property Appraiser’s approaches, and ultimately to have each of the subject assessments discarded. … Within the Income Approach,
the Property Appraiser provided insufficient market support, but it was evident that the assumptions within their Income Approach were more reflective of leased fee and not fee simple . . .