Antisdale v. City of Galesburg

I respectfully dissent. In my opinion, the majority, by accepting the Tax Tribunal’s determination of true cash value, includes within the assessed value of the property favorable financing terms and tax benefits derived by the buyer and does not reach a valuation of the property qua property.

An examination of the "comparable sales” used by respondent’s assessor (and by the Tax Tribunal) to reach a market approach valuation reveals that none of these sales represented true cash purchases. In each case, a minimal cash payment was made to the seller, and the existing balances on various Farmers…