Carlon Company v. Board of Review of City of Clinton

LAVORATO, Justice.

The law provides a special formula for determining the tax assessment value of manufacturing machinery and computers. Under this formula, the assessor must value such property at the lesser of 30% of net acquisition cost or fair market value. The taxpayer’s appraiser made three calculations regarding the taxpayer’s manufacturing machinery and computers. In the first calculation, the appraiser valued each item of the property at 30% of net acquisition cost and added all those amounts together, arriving at $3,948,446. The assessor accepted this amount as the tax assessment…