Tuthill v. Arkansas County Equalization Board

Robert H. Dudley, Justice.

This is an appeal from a circuit court judgment affirming the valuation of real property for tax purposes. In 1950, a building was constructed on three lots in DeWitt. In 1973, the three lots were sold to Charles Pattillo. The deed does not recite a sales price, but the deed stamps reflect a sales price of $35,000.00 for the three lots, along with three vacant lots. Thus, in 1973, the property with the building cost something less than $35,000.00.

In the early 1980’s the building was used as a retail business" building. The record does not reflect what amount of rent,…