Allied Chemical Corp. v. Union County Board of Supervisors

STEPHENSON, Justice.

This is an appeal from a judgment of the Union Circuit Court affirming an order of the Kentucky Board of Tax Appeals fixing the value for ad valorem tax purposes of certain mineral properties 1 owned by appellants. We reverse.

The appellants were the successful bidders for the mineral rights (except coal) underlying eight tracts of what was then Camp Breckinridge. The nature of the-sale by the General Services Administration was that of submitting “sealed bids” within a period of about two months. After the sale in April, the appellants conducted further exploration and…