Start Date
11-12-2014 3:30 PM
End Date
11-12-2014 4:30 PM
Description
It is not hard to identify the appeal of “value in use” in property tax assessment disputes. The term suggests a straightforward, non-hypothetical calculation based on actual current conditions rather than potential unrealized gain for uncertain future uses. In practice, value in use can be equally hypothetical, subjective, and uncertain, but the challenges it presents to assessments at highest and best use can help clarify the rationale and application of a market value tax base.
Recommended Citation
Youngman, Joan Esq. and Munteanu, Semida, "Value in use vs. value in exchange" (2014). IAAO Annual Legal Seminar. 7.
https://researchexchange.iaao.org/legal/legal14/sessions/7
Value in use vs. value in exchange
It is not hard to identify the appeal of “value in use” in property tax assessment disputes. The term suggests a straightforward, non-hypothetical calculation based on actual current conditions rather than potential unrealized gain for uncertain future uses. In practice, value in use can be equally hypothetical, subjective, and uncertain, but the challenges it presents to assessments at highest and best use can help clarify the rationale and application of a market value tax base.