Muirfield Ass'n v. Franklin County Board of Revision

In Alliance Towers, we had before us properties encumbered with restrictive contracts with the government. Under these contracts, the property owner received above market rent to subsidize the operation of the property. After reviewing tax and eminent domain cases, we concluded that voluntary encumbrances, such "as leasehold interests, deed restrictions, and restrictive contracts with the government, which the owner had granted, should not complicate the true value of property. In paragraph one of the syllabus, we stated:

“For real property tax purposes, the fee simple estate is to be valued…