Does a Property's Sale Price Really Equal the Taxable Market Value?
By Cynthia M. Fraser, Esq., as published by National Real Estate Investor - nreionline.com/viewpoints, September 2014
Typically, the basic principles of a real estate appraisal for commercial and industrial properties are based on market value—the price the buyer and seller agreed upon at the point of sale. In the current economy, as we emerge from the recent recession, many real estate assessors are questioning whether the purchase prices for commercial and industrial properties reflect their true market value. In today’s competitive real estate market, many real estate investors are faced with the following question: Is the recent sale price of a property the best evidence of the property's taxable value?
Please see the complete article published in National Real Estate Investor September 9, 2014.
Cynthia M. Fraser is a partner at the law firm Garvey Schubert Barer where she specializes in property tax and condemnation litigation. Ms. Fraser is the Oregon representative of American Property Tax Counsel, the national affiliation of property tax attorneys. Ms. Fraser can be reached at firstname.lastname@example.org.
Historically, “bad boy” guaranties (or “springing recourse” guaranties) were triggered only by a borrower’s serious malfeasance, such as fraud, theft, or waste. More recently, lenders have broadened the language of such guaranties to provide that they will also be triggered by a bankruptcy filing of the borrower, and as indicated by recent rulings in New York, courts are enforcing these guaranties.
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