RICK PARKER, Assessor Reynolds County, Missouri Missouri Cases

Rick Parker, Assessor for Reynolds County, appealed the circuit court's judgment affirming the State Tax Commission's (STC) decision regarding the property tax assessment of The Doe Run Resources Corporation's leasehold interest in federal land. The Assessor contended the STC misapplied Frontier Airlines, Inc. v. State Tax Comm'n by using the "bonus value" method instead of the Assessor's "income-based royalty approach." The appellate court affirmed, holding that Frontier Airlines controls, requiring the "bonus value" method for leasehold interests in tax-exempt property, and the Assessor's proposed method improperly valued the tax-exempt real estate itself.