Commerce Associates, Lp and 1000 Commerce Center, Lp, Plaintiffs Below, Appellants v. New Castle County Office Of…

Summary

The court held that depreciation must be considered when valuing property for real-property tax purposes, even when the county uses a base-year assessment method. Because the county and the Board valued the office condominium units as though they were new in the base year without considering their current age and condition, the court reversed and remanded for reassessment. No separate opinions were issued.