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Coral Ridge Mall Suit

Coral Ridge Mall Suit

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Copy of lawsuit filed by Coral Ridge Mall challenging the county's property assessment.
Copy of lawsuit filed by Coral Ridge Mall challenging the county's property assessment.

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Published by: Source Media Group News on Jun 19, 2012
Copyright:Attribution Non-commercial

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06/19/2012

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INTHEIOWADISTRICTCOURTFORJOHNSONCOUNTYPlaintiff,
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EQUITYNO.
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oralRidgeMall,L.L.C.,
v.
BoardofReviewofJohnsonCounty,
PETITIONINEQUITY
Defendant.
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COMESNOW,thePlaintiff,CoralRidgeMall,
L.L.c.,
andpursuanttoSection44f~of?
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theCodeofIowa,presentsitsappealofthe2012decisionoftheBoardofReviewoftheC~1.Plaintiff,CoralRidgeMall,L.L.Cownspropertylocatedat1451CoralRidgeofJohnson,andinsupportthereof,states:AvenueinCoralville,Iowa(JohnsonCounty).ItspropertyisdescribedintherealestateassessmentrollasParcelNos.06-36-426-003and06-36-402-001andishereinafterreferredtoasthe"subjectproperty."PlaintiffwastheownerofthesubjectpropertyonJanuary
1,2012.
2.TheDefendantistheBoardofReviewofJohnsonCounty,Iowa(the"BoardofReview").3.Duringtheyear2012theJohnsonCountyAssessorassessedorcausedthelandandbuildingsdescribedasthesubjectpropertytobeassessedintheamountof$125,000,000andtheCountyofJohnsonwould,unlessrestrainedfromdoingso,collectfromthePlaintiff'staxesonsaidpropertybasedonsaidassessmentandevaluation.4.ThePlaintiffdulyobjectedtosaidassessmentasmade,andalsofileditsobjectionthereonwiththeBoardofReviewonoraboutMay3,2012,beingwithinthetimeandintheformandmannerprovidedbylaw,acopyofwhichobjectionsofiledwiththeBoardofReview
 
isattachedhereto,markedas
Exhibit
Aandbythisreferencearemadeaparthereof.ThegroundsoftheobjectionmadebyPlaintiff,setforthinPlaintiff'sPetitionandincorporatedhereinbyreference,specificallyinclude,butarenotlimitedto,becausethepropertyhasbeenoverassessedandthattherehasbeenachangedownwardinthevaluesincethelastassessmentof$81,900,000.5.TheBoardofReviewgrantednorelief,anderroneouslydeterminedtheactualvalueandtheassessedvalueofthesubjectpropertytobe$125,000,000.AcopyoftheDecisionoftheBoardofReviewisattachedheretoas
ExhibitB
andbythisreferencearemadepart6.Plaintiffstatesasthebasisforitsappealthattheactualvalueandassessedvaluehereof.ofthesubjectpropertyasdeterminedbytheBoardofReviewiserroneousbecausethepropertycontinuestobeoverassessedandbecausetherecontinuestobeachangedownwardinthevalueofthesubjectpropertysincethelastassessment.Theamountofsaidover-assessmentis$45,000,000and$80,000,000istheactualvalueofthesubjectproperty.7.Withinthetimeandinthemannerprovidedbylaw,PlaintiffherebyappealstotheIowaDistrictCourtinandforJohnsonCountyfromeachandeveryactordecisionoftheBoardofReviewenteredortakenatanytimeonorpriortoadjournmentoftheBoardofReview,whichisadversetothePlaintiff,includingwithoutlimitation,theactionoftheBoardofReviewkeepingtheassessmentat$125,000,000.8.Thesubjectpropertywasnotvaluedatitsactualvalueoratthefairand
\
reasonablemarketvalueofsuchproperty.TheAssessorandtheDefendantgaveinadequateconsiderationtowhatwouldbethefairandreasonableexchangebetweenawillingbuyeranda2
 
willingseller,neitherbeingunderanycompulsiontobuyorsellandeachbeingfamiliarwithallthefactsrelatingtothesubjectproperty,asrequiredbytheIowaCodeSection441.21(1)(b).9.Inarrivingattheactualvalueandassessedvalueofthesubjectpropertyfortheyear2012andsubsequentyears,theAssessorandtheDefendantfailedtocomplywiththeprovisionsofIowaCodeSection441.21.10.PursuanttoIowaCodeSection441.39,theCourtmusthearthisappealinequityanddetermineanewallquestionsarisingbeforetheBoardofReview,whichrelatetotheliabilityofthesubjectpropertytoassessmentortheamountthereof,andthereisnopresumptionastothecorrectnessofthevaluationdeterminedbytheBoardofReview.WHEREFORE,thePlaintiffrespectfullypraysthattheCourtsetasidethedecisionoftheBoardofReviewindeterminingtheactualandassessedvalueandassessmentonthesubjectpropertyfortheyear2012andsubsequentyears;thattheCourtdeterminetheactualvalueandassessedvalueofthesubjectpropertyfor2012tobeinanamountnotexceeding$80,000,000;thattheAssessorandtheDefendantbeorderedanddirectedbytheCourttoassessthesubjectpropertyfor2012andsubsequentyearsinaccordancewiththedecisionoftheCourtherein;thattheCountyTreasurerbeorderedanddirectednottospreadofrecordandtocollectanytaxesfortheyear2012orsubsequentyearsonthesubjectpropertypendingthefinaldeterminationofthisappeal,otherthanthecollectionofsuchtaxesunderprotest;andthattheCourtgrantsuchotherreliefasmaybejustandequitable.3

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