There’s a crisp and final sound to the phrase “appraised value,” but as the recent case of Aetna Life Insurance v. Middletown shows, nailing down a fair property value can blend art with science, and be as challenging as capturing a white tiger.
Or a white elephant, which is what Aetna practically called its own creation. It claimed the 1.5 million square-foot structure should be taxed less because it was “poorly designed” and “highly inefficient.” In fact, its own expert contended that 300,000 square feet of the structure is functionally useless, and that Middletown’s 1987 appraisal was inflated.
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