St. Leonard Shores Joint Venture v. Supervisor of Assessments

COLE, Judge.

The question presented in this case is whether the Supervisor of Assessments of Calvert County erred in determining the full cash value, for property tax purposes, of 105 unsold lots in a subdivision without taking into account the projected “sell-out period” of the lots.

We distill the facts giving rise to this issue as follows. In 1978, appellant, St. Leonard Shores Joint Venture, purchased a large tract of waterfront land in Calvert County, Maryland. In July and August of 1979, appellant recorded subdivision plats, which subdivided the property into 117 lots. From the time of…