Hobart Manufacturing Co. v. Kentucky Board of Tax Appeals

STEINFELD, Justice.

This is an appeal from a judgment affirming an order of the Kentucky Board of Tax Appeals approving an ad valorem tax assessment.

Tn 1966, the City of Mt. Sterling, Kentucky, leased a tract of its land to appellant Hobart Manufacturing Company. The city issued revenue bonds (KRS 103.-210), which provided funds used to construct buildings and make improvements on that land. The lease provided that title to the leased premises should remain in the city and at the conclusion of the original lease term or renewal thereof it would become the owner of all buildings and…