CH Kelly Trust v. Municipality of Anchorage, Board of Equalization

OPINION

EASTAUGH, Justice.

Property owners argue that the superior court erred in affirming a denial of their property tax appraisal appeal.

The property owners purchased four vacant residential lots in one subdivision at a Federal Deposit Insurance Corporation (FDIC) land liquidation auction in 1991. They paid $7,200 per lot. Seven months later the Municipality of Anchorage appraised the four lots at substantially higher values. 1 The property owners appealed the appraisals to the Municipality’s Board of Equalization (Board), which affirmed. The superior court affirmed the Board’s decision.

The…