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Walgreen v. West Hartford: Prescription for Appraisers

CALL   Date: November 13, 2018   Location: Berlin, CT
  Local Area Topics  
Category  Electives [E]  
Attendance Hours  2.0  
Current Price  $ 75.00  
Name  Casa Mia at the Hawthorne  
Address  2421 Berlin Turnpike  
City  Berlin  
State  CT  
Zip  06037  
  Sponsor / Contact  
Chapter  Connecticut
Contact Name  Jacqueline Beauchaine  
Phone  (860) 482-9992  

Walgreen v. West Hartford: Prescription for Appraisers
Presented By Pullman & Comley, LLC

On July 24, 2018, the Connecticut Supreme Court rendered its decision in the case of Walgreen Eastern Company, Inc. v. Town of West Hartford, 329 Conn. 484 (2018), which has important implications for appraisals prepared in connection with property tax appeals and perhaps for other purposes as well. As part of the decision, the Court reviews the statutes and case law governing real property tax assessments and appeals. The Court then applies existing precedent to reach conclusions regarding the assessment and valuation techniques applicable to national chain pharmacy properties and the submarkets in which they operate. The Court's decision is relevant not only for that specific property type but potentially for other commercial properties as well. All appraisers who prepare property tax appeal valuations should be aware of the guidance provided and the questions that remain unanswered by the Court's ruling.

Pullman & Comley, LLC's Property Tax and Valuation attorneys will review the legal backdrop against which the decision was rendered and provide additional information about the evidence presented and the trial proceedings themselves based on first hand involvement. The decision itself will then be reviewed with a particular focus on the guidance it provides to appraisers. Finally, time will be reserved for questions and comments from the audience.

Topics to be covered include

Highest and best use
Fee simple interest v. leased fee interest
Interplay between contract rent and market rent
Development of the income capitalization approach
Above market rent v. below market rent scenarios
The role of equalization
The "submarket" concept

Panelists: Elliott B. Pollack, Laura Bellotti Cardillo,
Gregory F. Servodidio, and Michael J. Marafito

Date: Tuesday, November 13, 2018

Location: Casa Mia at the Hawthorne, 2421 Berlin Turnpike,
Berlin, CT

Time: 3:00 p.m. - 5:00 p.m.

5:00 p.m. - Social (Hors d'oeuvres & cash bar)

Fee: $75.00

CE: State of CT RE Appraisal Commission - 2 hours CE - 10 AI points
Cancellation Policy
  • Up To 15 days prior to program start date, refund in full.
  • 7 - 14 days prior to program start date, $50.00 cancellation fee.
  • Less than 7 days prior to program start date, forfeit of payment.
  Transfer Policy
  • Up To 15 days prior to program start date, no transfer fee.
  • 7 - 14 days prior to program start date, $25.00 transfer fee.
  • Less than 7 days prior to program start date, no transfer allowed.

Program materials will be picked up at the site.
  Additional Information  
This Educational Program (Program) was developed and organized by the Appraisal Institute Chapter offering the Program with the intent of addressing topic(s) of current local interest solely for educational and informational purposes. The Appraisal Institute national organization was not involved in developing or organizing the Program.

The content of this Program, including but not limited to any written materials and presenter comments, does not represent the viewpoint of the Appraisal Institute (defined as including but not limited to, the national organization, its Regions, Chapters, members, candidates, affiliates and staff) unless formally adopted by the national Board of Directors. Further, the Appraisal Institute has not peer-reviewed or approved the content of the Program and does not warrant the accuracy or timeliness of the content of the Program. The content of the Program is subject to court decisions and local, state and federal laws and regulations and any such revisions of such laws and regulations.

This Program is presented with the understanding that the Appraisal Institute is not engaged in rendering legal, accounting or other professional advice or services. Nothing in the Program is to be construed as the offering of such advice or services. If expert advice or services are required, attendees and readers are responsible for obtaining such advice or services from appropriate professionals.



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