"'True tax value may be thought of as the ask price of property by its owner, because this value more clearly represents the utility obtained from the property, and the ask price represents how much utility must be replaced to induce the owner to abandon the property.' Manual at 2. Thus, when reasonable marketing efforts are made to sell a property at a given price for a long period of time and those efforts are unsuccessful, it can be inferred that the market value-in-use of a property is something less than its asking price."
While the Board held that the Petitioner failed to raise a prima facie case that its property was over-valued for the March 1, 2009, assessment because the property was listed for an amount exceeding its assessed value for that year, the Board found that the Petitioner present some evidence that the property was over-valued for 2010:
"For 2010, however, the valuation date was March 1, 2010. 50 IAC 27-5-2(c). According to the properties’ listing history, the properties were offered for $650,000 as October 13, 2009, and reduced to $595,000 on January 1, 2010. Exhibit 2. The properties did not sell for this price and, in fact, the listing price was reduced again in 2011. Thus, the Petitioner presented some evidence that, as of the valuation date, the value of its properties was no more than $595,000. The Board therefore finds the Petitioner’s representative raised a prima facie case that the Petitioner’s properties were over-assessed for the 2010 assessment year."
http://www.in.gov/ibtr/files/1_General_Street__09-010-09-1-3-00120_et_al.pdf
