TB VENTURE, LLC v. Arlington County, 701 S.E.2d 791

TB Venture, LLC owns 21 Odyssey Condominium CBUs in Arlington County and acquired them for $2,000,000 in 2006-2007.
The 21 CBUs are subject to a Community Benefit Housing Program Agreement, with 40-year rental restrictions for qualifying low-income tenants.
2007 County assessments valued the 21 units at $8,370,400 (later reduced to $3,248,100 by BOE); 2008 assessment valued the 21 units at $4,058,400.
TB Venture filed a complaint to correct erroneous assessments, asserting assessments exceeded 100% of fair market value.
TB Venture's appraisal expert valued the 21 units as a whole and allocated per-unit values, arguing no market exists for a single rent-restricted unit; TB Venture did not appraise each unit separately.
The circuit court struck TB Venture’s evidence, holding TB Venture failed to prove the FMV of each unit and thus failed to rebut the presumption of correctness.

Issue	Plaintiff's Argument	Defendant's Argument	Held
Whether TB Venture proved FMV for each unit	TB Venture contends FMV can be allocated by income place across units.	County asserts need for FMV evidence for each individual unit.	No; TB Venture failed to prove FMV of each unit, circuit court affirmed.

West Creek Assocs., LLC v. County of Goochland, 276 Va. 393 (2008) (establishes burden to prove FMV and mistaken assessment rules)
Keswick Club, L.P. v. County of Albemarle, 273 Va. 128 (2007) (defines fair market value as sale price under normal circumstances)
Orchard Glen East, Inc. v. Board of Supervisors of Prince William County, 254 Va. 307 (1997) (condominiums must be assessed as separate parcels)
Tidewater Psychiatric Inst., Inc. v. City of Virginia Beach, 256 Va. 136 (1998) (presumption of correctness of assessments; burden on taxpayer)
James v. City of Falls Church, 280 Va. 31 (2010) (limits on weighing evidence when reviewing a motion to strike)