Oregon Health Club Gets Millions in Property Tax Value Cut

A health club is worth $2.8 million instead of an Oregon county’s claimed $7.11 million valuation for tax purposes based on the property’s highest and best use, the state tax court said.

Philly LLC’s property was being used as a health club, and renovations it was undergoing on the assessment date were to further develop the property for that use, Magistrate Poul F. Lundgren said. Along with the highest and best use, the health club’s sales price and renovation costs factored into the valuation.

“The subject’s recent $2,500,000 sale price and projected $1,590,000 cost of renovation suggest a real market ...