Turners Falls Ltd. Partnership v. Board of Assessors

In their presentation to the Appellate Tax Board (board), the parties debated whether the income stream from a government-sponsored contract should be a factor in determining the fair market value of the taxpayer’s real property, an electric power plant. Although the board’s decision unmistak*733ably reflects that it regarded the government-related income stream as a significant valuation factor, the board rested its decision wholly on the ground that the opinion of value of an expert witness called by the assessors constituted a vicarious admission by the assessors of the correctness of that…