Massachusetts Appellate Tax Board Grants Taxpayer Tax Abatements for Overvaluation

The Massachusetts Appellate Tax Board granted the taxpayer LLC tax abatement for overvaluation. The dispute involved the valuation of the taxpayer’s retail property for fiscal years 2015, 2016, and 2018. The taxpayer argued that the property was overvalued, while the assessors defended the higher valuations. The Board found that the income capitalization approach was the most appropriate valuation method and determined the fair market rent for the main retail building, while attributing no additional rent to the outdoor garden center. Based on its analysis, the Board concluded that the property was overvalued and granted tax abatements to the taxpayer for ...