Next Century Associates, LLC v. County of L.A. CA2
Appellant Next Century Associates, LLC (Next Century) seeks a property tax refund for the 2009-2010 tax year. It purchased the Century Plaza Hotel, and the real property on which it is located, in mid-2008, for $366.5 million. As of January 1, 2009, the property’s corrected enrolled assessed value, which we will refer to as the enrolled value, was $367,612,305. But, Next Century contends it was entitled to a reduction in the assessed value because the “global economic meltdown” of late 2008 caused the property’s market value to drop significantly between the date of purchase and January 1, 2009.
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