Continental Bank & Trust Co. v. Board of Assessment Appeals

LOWE, P.J.,

This is an appeal from a decision of the Montgomery County Board of Assessment Appeals (board) upholding a personal property tax assessment. The facts are not in dispute.

On October 26, 1971, petitioner’s decedent, Henry A. Schell, Jr. (Schell) entered into a written agreement in which he extended to three individuals (buyers) an option to acquire approximately 130 acres of real estate owned by Schell in Upper Providence Township, Montgomery County. The contract provided that the price per acre would be either $2000 or $3000 depending upon the parcel involved, and that each parcel…