MacOn-bibb County Board of Tax Assessors v. J. C. Penney Co.

McMurray, Presiding Judge.

For the tax year 1996, J. C. Penney Company, Inc. (“the Taxpayer”) reported inventory and supplies for its store in Macon at a fair market value estimated to be $2,136,000, but the Macon-Bibb County Board of Tax Assessors (“the Board”) assessed the inventory at $3,738,053. The issue of fair market value was ultimately tried before a jury which set the value of the Taxpayer’s inventory at $2,976,000 for ad valorem tax purposes. The Board’s motion for judgment notwithstanding the verdict (“j.n.o.v.”) was denied, and this appeal followed. Held:

1. In two related…