Laurie A. Ortolano Trust v. City of Nashua
Docket Nos.: 29472-18PT/29699-19PT
Page 5 of 18
/ 0.888), for tax years 2018 and 2019, respectively. The board finds the Taxpayer carried this
burden.
The following facts are generally undisputed. Constructed circa 1924, the Property is a
large, single-family residence on a 0.34-acre lot and, while some portions of the residence are
outdated, the Property is well maintained. The immediate neighborhood (“North Nashua”)
consists of larger, colonial and/or Victorian style single-family residences that are generally
considered very desirable.
There is no dispute the Taxpayer acquired the Property by warranty deed recorded in
January, 2014 for $725,000, after it was listed with a professional broker with an asking price of
$799,999 and was on the market for approximately six months prior to going under contract.
(Cf “Exhibit A” to the City’s Requests for Findings of Fact and Rulings of Law.)
The City contends the $725,000 sale price is persuasive evidence of the Property’s
market value in 2018 and 2019. The City’s appraiser used the January, 2014 sale as a
comparable in both his 2018 and 2019 appraisals and, in his final reconciliation, placed a
significant amount of weight on it.
The Taxpayer disagrees for a number of reasons. Ms. Ortolano testified it was a “cash”
purchase (with no supporting appraisal for financing or other purposes) and that she ‘overpaid’
for it.
The board finds, in certain circumstances, the sale price can be a good indication of
market value. (Cf. 2018 and 2019 Request Nos. 10 and 8, respectively, in Addendum A.) As
noted above, the January, 2014 purchase was a cash transaction not supported by an appraisal or
other independent indicator of value. These facts and the ample, much more recent market value
