Charleston County Assessor v. LMP Properties, Inc.

The Charleston County Assessor (Assessor) appeals the administrative law court’s (ALC) order valuing a piece of property containing one hundred twenty-one individual units and owned by LMP Properties, Inc. (LMP) at $8,565,000. The Assessor argues the ALC erred in determining the units’ highest and best use on the valuation date of December 31, 2003, the operative date for the last countywide reassessment in Charleston County, instead of December 31, 2007, for the tax year 2008. We reverse and remand.

FACTS

The subject property, named The Legends, is located in Mount Pleasant and consists of…