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Purchaser of vacant lots from original developers entitled to tax assessments based on the developers' acquisition cost.

Publication: Appraisal Journal
Publication Date: 22-JUN-08
Format: Online
Delivery: Immediate Online Access
Full Article Title: Purchaser of vacant lots from original developers entitled to tax assessments based on the developers' acquisition cost.(Recent Court Decisions)(BMI Construction Company, LLC )

Article Excerpt
The Supreme Court of Oklahoma ruled that a home builder who purchased vacant lots from developers was entitled to tax assessments calculated using the developers' acquisition cost method because the lots contained no buildings.

In 2004, BMI Construction Company, LLC (BMI) purchased four vacant lots from developers for the purpose of building homes. For the 2005 tax year, the county assessed each lot's fair market value at the price BMI paid for it. BM] appealed, arguing that the parcels...

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