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Taxation—Property—Assessment Of Leasehold Interest In Publicly-Owned Lands For Purposes Of The Ad Valorem Property Tax—Value Not To Be Reduced By The Extent Of Indebtedness.—Pier 67, Inc. V. King County, 78 Wash. Dec. 2d 48, 469 P.2d 902 (1970), Anon
Washington Law Review
Plaintiff, a lessee of state-owned, tax-exempt harbor land, brought an action to recover personal property taxes paid under protest to defendant county Plaintiff contended that defendant county was obliged to follow the long-standing rule that the value of: a leasehold of tax-exempt real property for ad valorem property tax purposes equals its benefits less its burdens, including mortgage indebtedness and rent reserved. The trial.court found for the plaintiff and ordered the leasehold reassessed. The Washington Supreme Court affirmed. The standards used by the defendant county in reassessing the leasehold were then challenged by the plaintiff on substantially the same grounds. …