People ex rel. Hotel Paramount Corp. v. Chambers

On the prior appeal for the tax year 1945-46 the evidence showed a sale in August, 1945, of the hotel for $3,000,000. That was the sale of a transient hotel as a going business, one of the assets of which was the subject land and building. The city contended that the sale warranted its total assessment of $1,825,000. The relator argued that because the sale was of a going business and not of realty alone, the price paid did not reflect the value of the realty. This court rejected the city’s contention and found the total value to be $1,765,000: land, $340,000; building, $1,425,000.

Nevertheless…