Mueller, Scott B. (2018). Cases in brief: treatment of expenses most important consideration in valuing nursing home as a going concern. Appraisal Journal, 68 (3), 166-167.
This Appraisal Journal article summarizes Elm Hill Realty v. Town of Rocky Hill; Superior Court of Connecticut, Judicial District of new Britain at New Britain; Docket Number: HHBCV14024900S; March 15, 2018; 2018 WL 1785689.
Case brief introduction:
"This is a real estate tax appeal by the plaintiff, Elm Hill Realty, LLC, the owner of a 3.17-acre parcel of land located at 45 Elm Street in Rocky Hill, Connecticut (the property). A related entity, Apple Health Care (Apple), operates a skilled nursing facility (nursing home or subject) on the property. The defendant, the Town of Rocky Hill (town), determined that the fair market value of the property as of October 1, 2013, was $4,563,000. Pursuant to General Statutes § 12-62a, real property is liable for taxation at seventy percent of its fair market value. The town accordingly assessed the property at $3,194,100 as of October 1, 2013. The plaintiff appealed to the board of assessment appeals, which denied relief. The plaintiff then filed this appeal."