From the Indianapolis Business Journal:
A years-long fight between Marion County and mall developer Simon Property Group Inc. has moved to the Indiana Tax Court as a judge weighs vastly different estimates of the values of Lafayette Square Mall and Washington Square Mall.
The Marion County Assessor contends that the assessed values for property-tax purposes on the two struggling malls should be millions of dollars higher than Simon’s estimates. Last year, the Indiana Board of Tax Review sided with Simon, leading to the assessor’s current appeals in tax court.
The court heard arguments in individual cases for the two properties in recent weeks and is weighing a decision.
The battle focuses on Washington Square’s appraised value between 2006 and 2010, and Lafayette Square’s appraisals for 2006 and 2007. Marion County had valued Lafayette Square at $35 million in 2006, for example, while Simon argued it was worth $15 million.
Likewise, the county’s appraiser valued Washington Square at $22 million for 2006, while Simon’s appraiser pegged it at $12 million.
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See the lengthy article here:
http://www.ibj.com/marion-county-simon-tangle-over-valuation-of-local-malls/PARAMS/article/44315
