Shane Horan, Kenai Peninsula Borough Assessor, Appellant v. Kenai Peninsula Borough Board of Equalization, And…

Summary

The court upheld the Board's authority to use the cost approach and to consider the property's rent restrictions when valuing the low-income housing tax credit property. It held, however, that the Board's findings did not adequately explain its treatment of federal tax credits, its comparison properties, or the basis for the 40% economic-obsolescence adjustment. The court vacated the superior court's approval of the final valuation and remanded to the Board for clarification and further findings.