Lowe’s has said it’s seeking a “ fair assessment” of its properties while the appraisal district estimates a $64.3 billion loss in commercial property value within five years if the big box chain is victorious - and other retailers and businesses employ the same “dark store” appraisal strategy. The appraisal district estimates those values would drop to roughly $30 a square foot if Lowe’s prevails in its lawsuit. The chain’s 10 stores in Bexar County were valued between $80 and $85 per square foot in 2016. However, retailers argue that their stores should be assessed as if the building were vacant and the property carried onerous deed restrictions - thus lowering its marketability and value to potential buyers. Appraisers generally value a property at its “highest and best use,” meaning at whatever function makes the most money from the property in its current condition. Lowe’s, Home Depot Inc., Kohl’s Department Stores, Target and Walmart are trying to persuade judges in Texas and elsewhere that their stores should be appraised as as so-called “dark stores” - which are vacant buildings instead of fully functioning businesses. “We’re evaluating the decision,” Lowe’s spokeswoman Karen Cobb said in an email, adding, “It would be inappropriate to comment further at this time.” The decision by the three-person panel is non-binding and only applies to four local stores, allowing Lowe’s to still challenge its property valuations in court. Lowe’s is suing Bexar County to try to cut its property values in half for 10 area stores.
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