Equitable Life Assurance Society of the United States v. County of Ramsey

OPINION

ANDERSON, Justice.

This case comes to us on certiorari to the Minnesota Tax Court. Equitable Life Assurance Society of the United States challenged the Ramsey County assessor’s 1990 and 1991 estimated market values of two contiguous parcels of real property that are part of the Rosedale Shopping Center, a super-regional shopping center. Relying on a discounted cash flow (“DCF”) analysis, a form of the income capitalization approach to determining the market value of real estate, the tax court reduced the subject property’s assessed values from $64,054,900 to $33,300,000 for 1990 and…