Piedmont Plaza Investors v. Department of Revenue

In these consolidated tax cases, taxpayers challenge tax assessments of two low-income apartment complexes, Piedmont Plaza and Spencer House, for the tax years 1994-95 and 1995-96. The Tax Court determined that the real market value of the two properties for those tax years is the amount of money that taxpayers received through federally controlled sales of the properties, commonly known as preservation transfer sales. Piedmont Plaza Investors v. Dept. of Rev., 14 OTR 440 (1998). On de novo review, ORS 305.445 (1995), 1 we reverse the decision of the Tax Court.

A brief discussion of section…