Realty Agency, Inc. v. Weaver

The Administrator rejected the sales price of the property involved and adopted the assessed valuation as the base for his computations in an application for a rent increase under the 6% statutory formula. Although the petitioner acquired the property in question, including a small adjoining structure as a “ light protector ”, for the sum of $1,222,000, the Administrator adopted the assessed valuation of $840,000 rather than the sales price as his base for computation. The rejection of the sales price was predicated upon two grounds: first, that the sale was a “package deal ”; second, that it…