MORGANTOWN, W.Va. — A private developer will have a second chance to make its case in circuit court on the taxation and valuation of a West Virginia University apartment complex. The state supreme court has ordered the lower court to rehear the appeal involving WVU’s apartment complex, University Park.
The project was a public-private partnership between the university and the developer, University Park at Evansdale, LLC. While WVU owns the property, UPE entered into a 40-year lease with the university and is expected to pay around $90 million in rent over the lifetime of the lease.
UPE was assessed $9 million by the Monongalia County assessor for the leasehold interest on the property and has appealed that assessment arguing the valuation should be $0. UPE first questioned the valuation before the Board of Equalization and Review, and the board determined, based on the evidence presented, that there was an issue with taxability, which was beyond its jurisdiction, and should be appealed to the state tax commissioner.
UPE appealed that decision to circuit court where Judge Lawrence Miller upheld the Board of Equalization and Review’s decision.
Now, the state Supreme Court has ordered the lower court to rehear the case giving attorneys for UPE a second chance to argue the valuation of the lease not its taxability.