Tibbs v. Poplar Bluff Associates I, L.P.

In 2005 and 2006, Poplar Bluff Associates I, L.P. (“PB Associates”), built a forty-unit housing complex, which included: twenty two-bedroom, two-bath units; twenty one-bedroom, one-bath units; eighty-five parking spaces and forty-four covered parking spaces; a community room; and an office. The complex was built at a total cost of $4,324,356. The Butler County Assessor (“the Assessor”) determined the fair market value of the property to be $2,668,060; however, the State Tax Commission (“the Commission”) determined the fair market value to be $888,300 for the tax years 2007 and 2008. The…