David Cox, Platte County Assessor, and Park Hill School District Missouri Cases

Grady Hotel Investments, LLC, appealed the Platte County Circuit Court's judgment, which reversed a decision by the State Tax Commission (STC) regarding the taxable valuation of Grady's interest in a hotel at KCI. The STC had found Grady held only a leasehold interest, valued at zero, using the bonus value method. The appellate court affirmed the circuit court's judgment, holding that the plain language of the contracts between Grady and the City of Kansas City demonstrated Grady owned the improvements, not merely a leasehold interest. Consequently, the bonus value method was deemed an inappropriate valuation approach, and the case was remanded to the STC for reconsideration.