HUNTINGTON -- Four companies are suing the County Commission of Cabell County and Assessor Ottie Adkins in two separate suits after they claim their properties were erroneously overvalued.
Parks Limited Partnership, Hamlets Limited Partnership, Pine Have Limited Partnership and Victory Place all claim Adkins appraised their properties for the 2010 tax year, according to two complaints filed March 4 in Cabell Circuit Court.
Adkins appraised Parks Limited Partnership for $2,833,100, Hamlets Limited Partnership for $2,896,000, Pine Have Limited Partnership for $1,962,300 and Victory Place for $2,872,600.
The petitioners, who all participate in the federal low-income housing tax credit program, appeared before the County Commission of Cabell County to contest the assessments. They claim Adkins employed the cost approach to value the improvements to their real property without deduction for economic obsolescence to arrive at this appraised value of the properties.
"In failing to deduct for economic obsolescence, the assessor erroneously overvalued petitioners' real properties," according to the suit.
The petitioners are seeking an order that the increases in value be voided and orders for the appraised and assessed values to be reduced. They are being represented by Herschel H. Rose III and Steven R. Broadwater.
Cabell Circuit Court case numbers: 10-C-188 and 10-C-191
Four companies sue Cabell County Commission, assessor for overvaluing property
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