Arizona
AMC Theater’s Valuation Was Excessive, Says Arizona Tax Court
An AMC theater location convinced the Arizona Tax Court that it qualified for lower property tax valuation as a single-use movie theater even though it uses over a third of its auditoriums for storage.
Maricopa County, Ariz., asked the court to affirm its determination that the location was a 30-auditorium mixed used movie theater worth nearly $29 million in full cash value and $12.5 million in limited value.
However, AMC’s expert appraiser didn’t err when he limited the property’s valuation to the 17 auditoriums the theater currently uses to show films, the court determined in an unsigned opinion posted Tuesday. …