Echo Park Perry, LLC appeals a Final Determination issued by the Indiana Board of Tax Review on September 5, 2025. The Board valued Echo Park Perry's 274-unit multifamily apartment complex in Hendricks County at $44,300,000 for the 2022 assessment year and, adhering to the parties' stipulated 1.5% increase, at $44,964,500 for 2023. The Board adopted the sales comparison approach used by the Assessor's appraiser, Hall, as the lowest of his three valuations. The Board rejected the cost and income approaches offered by Petitioner's appraiser, Becker, deeming them substantially flawed and unreliable, and further found the review of Becker's sales comparison approach to be unnecessary.

Indiana Code § 6-1.1-4-39(a) requires that true tax value equal "the lowest valuation determined by applying" the three standard appraisal approaches. The Court will hold oral argument to decide what the Subsection 39(a) mandate requires of the Board in this case. Specifically, must the Board 1) select the lowest possible value drawn from all probative evidence presented, including a piecemeal, composite value obtained by combining the lowest credible inputs from competing appraisals; or 2) simply choose the lowest value among the approaches it finds are credibly supported.