Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Wisconsin city's dark-store exclusions justified, state Supreme Court rules By: FOXNews.com February 16, 2023 at 15:40 PM EST Tax assessors in Delavan, Wisconsin, were justified in their exclusion of "dark-store" valuations when setting property taxes on a Lowe's store in 2013, the state Supreme Court ruled. Tax assessors for the city of Delavan properly excluded comparable dark-store valuations when setting a new property tax rate for a Lowe's Home Center in 2013, the state Supreme Court ruled Thursday.WISCONSIN SENATE GOP LEADER PROPOSES FLAT TAX, DEMOCRAT GOV. EVERS PUBLICLY OPPOSESAttorneys for Lowe's had argued that assessors should have considered what six comparable vacant stores were worth when they revalued the home center at $8.9 million. They argued that had the assessors factored in the vacant stores' valuation the home center would be worth about $4.6 million.A state appeals court ruled in 2021 that the assessors' valuation enjoys a presumption of correctness. The state Supreme Court upheld that decision, ruling unanimously that the Wisconsin Property Assessment Manual recommends that assessors shouldn't use dark stores as comparable valuations and Lowe's failed to prove the city's assessments were excessive.WI CIGARETTE SALES TANKED BY TAXES, SMOKING BANS, REPORT FINDSThe court noted, however, that the ruling applies only in the Devalan case and the manual doesn't strictly prohibit using dark stores as comparable properties or offer any guidance on when a dark store can be compared to an occupied property.Lowe's attorney Dan Devany didn't immediately return an email seeking comment on the ruling. Related Stocks: Fancamp Exploration Ltd Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Wisconsin city's dark-store exclusions justified, state Supreme Court rules By: FOXNews.com February 16, 2023 at 15:40 PM EST Tax assessors in Delavan, Wisconsin, were justified in their exclusion of "dark-store" valuations when setting property taxes on a Lowe's store in 2013, the state Supreme Court ruled. Tax assessors for the city of Delavan properly excluded comparable dark-store valuations when setting a new property tax rate for a Lowe's Home Center in 2013, the state Supreme Court ruled Thursday.WISCONSIN SENATE GOP LEADER PROPOSES FLAT TAX, DEMOCRAT GOV. EVERS PUBLICLY OPPOSESAttorneys for Lowe's had argued that assessors should have considered what six comparable vacant stores were worth when they revalued the home center at $8.9 million. They argued that had the assessors factored in the vacant stores' valuation the home center would be worth about $4.6 million.A state appeals court ruled in 2021 that the assessors' valuation enjoys a presumption of correctness. The state Supreme Court upheld that decision, ruling unanimously that the Wisconsin Property Assessment Manual recommends that assessors shouldn't use dark stores as comparable valuations and Lowe's failed to prove the city's assessments were excessive.WI CIGARETTE SALES TANKED BY TAXES, SMOKING BANS, REPORT FINDSThe court noted, however, that the ruling applies only in the Devalan case and the manual doesn't strictly prohibit using dark stores as comparable properties or offer any guidance on when a dark store can be compared to an occupied property.Lowe's attorney Dan Devany didn't immediately return an email seeking comment on the ruling. Related Stocks: Fancamp Exploration Ltd