They also argue that it’s hard to get somebody to hire or buy a defunct huge-box retailer and when stores do sell, it’s for much lower than the unique owners paid to get the place up and operating. They keep in mind the price to switch the facility, subtracting value for depreciation and including improvements which were made. For retail properties, they might also take a look at the income the property generates, or at gross sales of comparable properties in the marketplace. All of these elements are thought-about and reconciled to reach at a last figure. Known because the “dark store” concept, the argument being made by retailers is that their open, bustling shops are equivalent to ones that failed and closed.
It may set a precedent that may make it easier for others to make an identical case, shifting increasingly more property tax burden onto residents. “It’s understandable that they don’t want competitors,” said Rep. Ann Matlack, D-St. George, who has sponsored legislation that aims to help assessors battle the requests.
But because of the deed restrictions Walmart positioned on the property, “what the town of Rockland eventually received was a constructing that was of a lesser worth,” Matlack said. That makes it nearly impossible to tell what the property would have bought for with out limitations. But assessors say evaluating sales of former huge-box shops to thriving open stores doesn’t make much sense for the purposes of property valuation. Location is every little thing in real estate, … Read More