203-123, Suncadia LLC/Rope Rider Golf Course.-- Property-- Valuation, assessment, and equalization-- Valuation procedures-- Golf course
Brief introduction and background:
"Property: Valuation, assessment, and equalization: Valuation procedures: Golf course.– Finding that the property owner had met its burden of proof, the Washington Board of Tax Appeals reduced the property tax valuation of a partially completed golf course located on a resort property that was being developed in multiple phases and included residential lots. The owner presented a market and income approach to valuation and pointed out that the high cost of the golf course was transferred into the surrounding residential lots. The assessor presented a valuation based on the subject property’s approximate actual cost, including the land.
"The board found that the assessor’s assumption that the actual cost of construction was representative of the value of a new golf course was not appropriate under the facts presented. The golf course was developed to enhance the value of the surrounding residential lots. The assessor’s valuation of $7,815,220 was not adjusted for functional obsolescent or the cost transfer to the housing lots surrounding the golf course. The assessor also did not take into account the difficulty of attempting to sell a partially completed golf course in the economic climate as of January 1, 2008. The board set the subject property’s value at $3,240,063, as requested by the owner."