Walgreen v. West Hartford: Prescription for Appraisers
Presented By Pullman & Comley, LLC
On July 24, 2018, the Connecticut Supreme Court rendered its decision in the case of Walgreen Eastern Company, Inc. v. Town of West Hartford, 329 Conn. 484 (2018), which has important implications for appraisals prepared in connection with property tax appeals and perhaps for other purposes as well. As part of the decision, the Court reviews the statutes and case law governing real property tax assessments and appeals. The Court then applies existing precedent to reach conclusions regarding the assessment and valuation techniques applicable to national chain pharmacy properties and the submarkets in which they operate. The Court’s decision is relevant not only for that specific property type but potentially for other commercial properties as well. All appraisers who prepare property tax appeal valuations should be aware of the guidance provided and the questions that remain unanswered by the Court’s ruling.
Pullman & Comley, LLC’s Property Tax and Valuation attorneys will review the legal backdrop against which the decision was rendered and provide additional information about the evidence presented and the trial proceedings themselves based on first hand involvement. The decision itself will then be reviewed with a particular focus on the guidance it provides to appraisers. Finally, time will be reserved for questions and comments from the audience.
Topics to be covered include
- Highest and best use
- Fee simple interest v. leased fee interest
- Interplay between contract rent and market rent
- Development of the income capitalization approach
- Above market rent v. below market rent scenarios
- The role of equalization
- The “submarket” concept
Panelists: Elliott B. Pollack, Laura Bellotti Cardillo, Gregory F. Servodidio, and Michael J. Marafito
Date: Tuesday, November 13, 2018
Location: Casa Mia at the Hawthorne, 2421 Berlin Turnpike, Berlin, CT
Time: 3:00 p.m. – 5:00 p.m.
5:00 p.m. – Social (Hors d’oeuvres & cash bar)
CE: Application submitted to State of CT RE Appraisal Commission for 2 hours CE – 10 AI points
Click here to REGISTER
For additional information and to register please visit our website at www.ai-ct.org
Chapter Office #860-482-9992