Fair Market Value Of Ritz Carlton Inflated By Tax Man.

The Ritz Carlton Half Moon Bay contends the county tax assessor inflated the value of the hotel by including $16,850,000 in nontaxable intangible assets when assessing its fair market value. The appellate court agreed with the hotel, concluding “the income method at issue here violated [Revenue & Taxation Code] section 110, subdivision (d), by failing to remove the value of the hotel’s workforce, the hotel’s leasehold interest in the employee parking lot, and the hotel’s agreement with the gold course operator prior to the assessment.” (SHC Half Moon Bay v. County of San Mateo (Cal. App. First, Div. 5; May 22, 2014)226 Cal.App.4th 471, [171 Cal.Rptr.3d 893].)