Darcel, Inc. v. City of Manitowoc Board of Review

This case involves a challenge to the property tax assessment of a shopping mall. We are asked to decide whether the recent sales price of stock in Darcel, Inc. (Darcel), a corporation which owns the shopping mall, establishes its fair market value for assessment purposes when the sales price is based on contract rents which are lower than market rents. The City of Manitowoc Board of Review (the board) contends that market rents must be considered in assessing the value of a parcel of property when an assessor determines that contract rents are inadequate.

The board upheld the Manitowoc City…