Freedom Federal Savings & Loan Ass'n v. Department of Revenue

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• concluding the cost approach was the preferred valuation method given lack of sufficiently similar sales
• finding that comparable sales were lacking because “financial institutions do not usually buy their headquarters buildings, but instead build them to their own specifications”
• finding no comparable properties among sales reviewed by appraiser who had erroneously concluded office building’s HBU was multitenant rather than owner headquarters
• rejecting taxpayer’s argument that the lack of an immediate market for the property as a financial institution’s headquarters required valuing the property at an alternative use for which an immediate market existed
• “The first issue is the highest and best use of the property; the second issue is the market value of the property at that use”
• “The first issue is the highest and best use of the property; the second issue is the market value of the property at that use”

Source: CourtListener parenthetical corpus (CC0).