Mystic River Properties v. Stonington, No. Cv95-0534883 (Mar. 17, 1998)

[EDITOR'S NOTE: This case is unpublished as indicated by the issuing court.]MEMORANDUM OF DECISION The sole issue in this municipal tax appeal is the fair market value of the plaintiff's marina. In determining the fair market value, the focus of this case centers on the issue of whether a replacement reserve for capital assets is an appropriate expense to use in valuing real estate using the income capitalization method.

The subject property is a marina owned by the plaintiff, Mystic River Properties, Inc., located on 56 Roseleah Drive in the Mystic section of Stonington. The land contains a…