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The Missouri State Tax Commission have sided with Country Club Plaza owners to set aside outstanding appeals of 2019 property values.
The Missouri State Tax Commission and the Board of Equalization made the decision to set aside Jackson County’s assessment values of 20 properties on Country Club Plaza made in 2019.
The state tax commission’s June 30 decision and order was a $112.2 million decrease for 20 of the 29 parcel properties in the Country Club Plaza. Evaluating the property from 2019 at $291.8 million to 2020 at $179.65, a 38.4 percent decrease.
Country Club Plaza JV LLC owners, Taubman Centers and The Macerich Co., filed for appeal against the BOE in February 2020.
Ultimately, the state tax commission sided with the Country Club Plaza in disproving an evidentiary hearing in November 2021, conducted to appraise the properties’ value, which was “not credible” and should not be used when evaluating the properties’ accurate value.
The Plaza argued the evaluation was misleading by failing to account for the properties’ use as “a single economic unit as a lifestyle center for shopping, dining and entertainment,” and that any of the properties in question should be assessed and taxed individually.
The commission’s decision gives Jackson County 30 days to file an application for review.
The Country Club Plaza was purchased in a joint venture between Taubman and Macerich in 2016.
Posted July 11, 2023.
